Abu Dhabi state firm Adnoc is preparing to hold the second round of face-to-face talks with German chemicals firm Covestro, according to an informed source. Adnoc has submitted a bid to take over the firm, with Covestro acknowledging that the firms entered into “open-ended discussions” last month (MEES, 15 September). The second round of talks is expected to be held within the next two weeks.

Adnoc is understood to have bid €60/share, well in excess of the current €49.7 share price, valuing the company at approximately €11.5bn ($12.1bn). (CONTINUED - 341 WORDS)