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Covestro eyes 400 million eur in cost cuts after ADNOC talks intensify

Reuters
·1-min read
FILE PHOTO: The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen

(Reuters) - Covestro, the German chemicals maker in talks to be acquired by ADNOC, on Tuesday launched an efficiency programme to cut 400 million euros ($429 million) in costs per year from end-2028.

It also agreed with labour representatives to rule out forced redundancies in Germany until 2032.

Covestro said on Monday it was stepping up talks with ADNOC, also known as Abu Dhabi National Oil Co, after the Emirati energy group made an improved 11.7 billion euro takeover bid following more than a year of pursuing the chemicals firm.

($1 = 0.9314 euros)

(Reporting by Ozan Ergenay and Ludwig Burger; Editing by Miranda Murray)