Adnoc to buy Covestro, continuing expansion into polymers

The Abu Dhabi National Oil Company (Adnoc) has agreed to pay almost €12 billion (£10 billion) for plastics maker Covestro, and take on Covestro’s €3 billion in net debt. The state-owned oil and gas producer from the United Arab Emirates had pursued the German company for over a year in an effort to further diversify its business.