By Alimat Aliyeva

The UAE state-owned oil company Abu Dhabi National Oil Co. (ADNOC) has signed an investment agreement with the German chemical company Covestro, Azernews reports.

Under the terms of the deal, ADNOC will buy back all shares of the chemical manufacturer for 14.7 billion euros.

The company offered to buy back Covestro shares for 62 euros each, which is 54% higher than their market value on June 19, 2023 - the day before the first rumors about a possible deal appeared.

Covestro is a former division of Bayer, which was separated into an independent company in 2015. Bayer finally withdrew from the share capital of Covestro in 2018. The revenue of the chemical company at the end of last year amounted to 14.4 billion euros. At the same time, the manufacturer remains unprofitable for the second year in a row: in 2023, the company's net loss amounted to 198 million euros, and in 2022 - 272 million euros.