据彭博新闻社2023年7月20日报道，知情人士说，寻求通过一系列雄心勃勃的交易扩大化工业务的阿联酋能源巨头阿布扎比国家石油公司(Adnoc)已将其对德国化学工业公司科思创公司(Covestro AG)的收购报价提高至大约110亿欧元(124亿美元)。
知情人士表示，Adnoc将报价提高至每股约57欧元，希望能说服这家德国化学工业公司加入谈判。这比它第一次非正式出价每股55欧元要高2欧元。这家有政府背景的公司对科思创公司的战略和管理表示了信心。由于信息保密，这些知情人士要求匿名采访。
科思创公司股价7月19日在法兰克福下跌2.9%，市值为94亿欧元。在彭博新闻报道Adnoc提高报价后，科思创公司股价在周二尾盘交易中飙升，报收于去年2月以来的最高水平。
知情人士当时表示，6月份，总部位于勒沃库森的科思创公司拒绝了Adnoc早些时候的报价，理由是报价过低。科思创公司还对Adnoc的专业业务计划提出了质疑。
Adnoc首席执行官一直在忙于寻求有利交易，以更好地与沙特阿美及沙比克竞争。这家阿布扎比公司正在与奥地利的OMV AG进行单独谈判，讨论将他们支持的两家公司博禄公司和北欧化工公司合并，组建一家价值超过300亿美元的化工和塑料巨头。
这些拟议中的交易与阿联酋吸引投资和技术以及建立新产业和制造能力的更广泛计划相吻合。Adnoc一直在扩建阿布扎比的炼油和化工中心，为其石油和天然气生产寻找更多的销售渠道，并生产用于消费品的塑料。
上述知情人士称，Adnoc已试图解决科思创公司对其收购要约的担忧，包括收购要约将如何帮助这家德国化工公司的管理层发展特种化学品业务。如果谈判开始，Adnoc的出价可能有进一步提高的空间。
路易斯资本市场分析师本·凯利表示，Adnoc可能需要进一步提高报价，才能赢得科思创公司的青睐。
凯利说：“科思创公司知道Adnoc有能力支付，所以我认为他们会有耐心。”“每股61.5欧元的最新报价相当于8倍的EV/Ebitda（企业价值倍数：一种被广泛使用的公司估值指标，其倍数相对于行业平均水平或历史水平较高通常说明高估，较低说明低估，不同行业或板块有不同的估值倍数水平。）在我们看来，科思创公司董事会更有可能接受这一报价。”
目前还不清楚科思创公司将如何回应Adnoc的这一最新出价。Adnoc和科思创公司的代表拒绝置评。
几乎包揽阿联酋所有石油生产的Adnoc计划投资1500亿美元扩大原油、天然气和化学品的生产能力。此外，Adnoc还在投资低碳能源。
李峻 译自 彭博新闻社
原文如下：
Adnoc Raises Covestro Purchase Bid to $12.4B
Abu Dhabi National Oil Co., the energy giant seeking to expand its chemical operations through a series of ambitious deals, has boosted its takeover offer for Covestro AG to about EUR 11 billion ($12.4 billion), people familiar with the matter said.
Adnoc increased its proposal to about EUR 57 per share in the hopes of convincing the German company to enter talks, the people said. That’s up from its first informal bid of around EUR 55.
The state-backed firm voiced confidence in Covestro’s strategy and management, according to the people, who asked not to be identified because the information is private.
Covestro shares fell 2.9 percent in Frankfurt trading Wednesday, giving the company a market value of EUR 9.4 billion. The stock had jumped in late trading on Tuesday, following the Bloomberg News report on Adnoc increasing its offer, to close at its highest level since February 2022.
Last month, Leverkusen-based Covestro rejected Adnoc’s earlier proposal as too low, people familiar with the matter said at the time. Covestro also raised questions around Adnoc’s plans for its specialties operations.
Adnoc Chief Executive Officer Sultan Al Jaber has been busy hunting for deals to better compete with Saudi Aramco and its Sabic chemical unit. The Abu Dhabi firm is in separate talks with Austria’s OMV AG about a potential merger of two companies they back, Borouge Plc and Borealis AG, to form a chemicals and plastics giant worth more than $30 billion.
The mooted transactions dovetail with a wider plan by the United Arab Emirates to attract investment and technology as well as build new industries and manufacturing capabilities. Adnoc has been expanding a refining and chemicals hub in Abu Dhabi to find additional outlets for its oil and natural gas production and make the plastics that go into consumer goods.
Adnoc has tried to address Covestro’s concerns about its offer, including over how it would help the German company’s management develop the specialty chemical operations, according the people. If negotiations are entered, there could be scope for further increases in Adnoc’s bid.
Ben Kelly, an analyst at Louis Capital Markets, said Adnoc may need to go higher still to win over Covestro.
“Covestro knows Adnoc can afford to pay up so I think they’ll be patient,” Kelly said. “An improved offer of EUR 61.5 would equate to 8x EV/Ebitda and in our opinion would be more likely to be accepted by the Covestro board.”
Deliberations are ongoing, and it’s unclear how Covestro will respond to the latest proposal. Representatives for Adnoc and Covestro declined to comment.
Adnoc, which produces almost all the oil in the United Arab Emirates, plans to invest $150 billion to expand production capacity for crude, natural gas and chemicals. It’s also investing in low-carbon energy.
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