Abu Dhabi state oil giant ADNOC said on Tuesday that it has agreed to buy German chemicals producer Covestro for 14.7 billion euros ($16.4 billion). The deal represents one of the biggest foreign takeovers by a Gulf state as Abu Dhabi and other countries in the region seek to reduce their economies' heavy dependence on oil in the face of global energy transition.

Abu Dhabi National Oil Co. has 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,

An oil producer from the United Arab Emirates is finally set to clinch a $13 billion-plus deal for Germany’s Covestro—a big bet on chemicals as part of its effort to transform into a fully integrated energy company akin to Exxon Mobil and other U.

United Arab Emirates' Abu Dhabi National Oil Co. likely will announce a $13B-plus deal for Germany's Covestro (OTCPK:CVVTF) (OTCPK:COVTY) as soon as this week unless an unexpected snag emerges, The Wall Street Journal reported Monday.