Abu Dhabi’s national oil company has agreed a €14.7bn deal to buy German chemicals group Covestro in one of the largest European takeovers this year. Adnoc, which has been pursuing Covestro since last year, has offered €62 per share for the German company. It will also inject €1.17bn of new money into the chemicals group.

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.

Abu Dhabi's state-owned oil firm ADNOC on Tuesday said it has agreed to buy German chemicals firm Covestro for 14.7 billion euros ($16.4 billion). ADNOC will launch a 62 euros-per-share voluntary public takeover that implies an equity value for Covestro of around 11.