• Abu Dhabi National Oil Co. (Adnoc) has submitted an enhanced preliminary takeover bid for German chemical company Covestro AG, signaling a renewed effort to acquire the company. The revised proposal stands at approximately €60 per share, valuing Covestro at around €11.3 billion ($12.4 billion). This comes after Adnoc's earlier informal bids of €55 and €57 were deemed too low by Covestro. As part of the latest bid, Adnoc has offered job guarantees for several years and committed to approximately $8 billion in investments post-acquisition.

• Covestro is currently deliberating its response to Adnoc's revised bid. The energy giant's move aligns with reports indicating its intention to enhance the offer, potentially appeasing some of Covestro's shareholders. The German fund manager, Union Investment, among Covestro's top 15 investors, has called for management to grant Adnoc access to due diligence, viewing the improved offer as a basis for engaging in substantive takeover discussions.