Abu Dhabi's ADNOC has agreed to buy German chemicals producer Covestro for 15.9 billion euros ($18 billion) including debt, the state oil giant said on Tuesday, representing its largest acquisition to date.

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,

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 oil giant ADNOC agreed to buy German chemicals producer Covestro for 14.7 billion euros ($16.4 billion), one of the biggest foreign takeovers by a Gulf state which is aimed at diluting the country's heavy dependence on oil in the 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,

The tie-up dovetails with the Middle Eastern energy company’s push into chemical production

Abu Dhabi’s state oil firm ADNOC announced it will buy German firm Covestro in a 14.7 billion-euro deal ($16.4 billion).