Covestro: no deadline to conclude ADNOC talks, will take the necessary time

By Ludwig Burger

FRANKFURT (Reuters) - Covestro said on Wednesday that it is under no legal deadlines to come to a decision in talks with suitor Abu Dhabi National Oil Company (ADNOC) and that it would take the time it needs to consider a potential takeover by ADNOC .

"We will take the time that is needed to come to the best possible solution for shareholders and other stakeholders," CEO Markus Steilemann told shareholders at the annual general meeting, held virtually and broadcast on the internet.

The chemical maker faced investor questions about the protracted negotiation, seven months after Covestro said it is in deal talks about an informal takeover offer by ADNOC.

Apart from its non-binding bid of about 11.3 billion euros ($12 billion) for Covestro, ADNOC has been pursuing a series of European assets and has been in talks with Austria's OMV to create a chemicals giant with combined annual sales of more than $20 billion.

Steilemann reiterated that the talks with ADNOC were constructive and open-ended but would not be drawn on further details, citing the confidentiality of the negotiations.

($1 = 0.9398 euros)

(Reporting by Ludwig Burger; editing by Matthias Williams and Miranda Murray)