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 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,

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

Abu Dhabi National Oil Company (ADNOC) is likely to announce a $13 billion-plus deal for Germany's Covestro as soon as this week unless an unexpected snag emerges, the Wall Street Journal reported on Monday,

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.