Abu Dhabi National Oil Company (ADNOC) has approached Covestro AG (1COV.DE), a German plastics and chemicals maker with a market value of 7.8 billion euros ($8.5 billion), with an takeover offer, people familiar with the matter said on Tuesday.
Details of the proposed terms and how Covestro will respond to the approach could not immediately be learned. The sources requested anonymity because the matter is confidential.
ADNOC did not immediately respond to requests for comment while Germany's Covestro declined to comment.
Covestro, a maker of transparent polycarbonate plastics as well as chemicals for insulation and upholstery foams, in April issued an earnings guidance that reassured markets about its growth prospects and it also resumed a share buyback programme.
Earlier on Tuesday it confirmed its outlook for 2023.
Shares in Covestro were up 10% at 1245 GMT.
