Abu Dhabi's ADNOC has struck a deal to buy German chemicals maker Covestro for 14.7 billion euros ($16.3 billion), including debt, in the energy giant's biggest ever acquisition.

Abu Dhabi National Oil Company (ADNOC), through its subsidiary ADNOC International, has signed an agreement to acquire German chemical manufacturer Covestro for €11.7bn (Dh47.43bn). The acquisition terms include a public takeover offer for all outstanding shares of Covestro at €62 per share.

Adnoc and Covestro agreed on a tie-up valuing the chemicals maker at $13.05 billion in a deal that will help the Abu Dhabi energy giant diversify its portfolio beyond its core oil business.

ADNOC to acquire Covestro for €15.9B, marking one of this year's largest deals and transforming the chemicals producer into an energy company.

Abu Dhabi National Oil Co. reached a deal to buy chemical producer Covestro AG for about €11.7 billion ($13 billion), in what’s set to be the biggest Middle Eastern acquisition of a European firm.