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Abu Dhabi targets largest-ever foreign takeover with €14.7bn offer for Germany’s Covestro
The United Arab Emirates has launched the largest takeover deal in its history after Abu Dhabi’s state oil company on Tuesday made a €14.7bn offer for the German chemicals company Covestro.
Abu Dhabi National Oil Company said Covestro’s board had recommended its €62 a share offer, a premium of more than 50 per cent to the company’s share price before talks between the two sides were revealed about 16 months ago. Adnoc will also inject roughly €1.2bn of new money into Covestro as part of the transaction.
Adnoc, which pumps nearly three times as much crude oil every day as Shell, is in the process of diversifying its business in preparation for a world that is less reliant on oil as a fuel, but which has a growing appetite for oil-derived products, such as plastics.
ADNOC Deploys Pioneering AI-Enabled Process Optimization Technology
ADNOC announced today the deployment of an industry leading artificial intelligence (AI)-enabled process optimization technology. Neuron 5 was developed by ADNOC and has been initially deployed at ADNOC Onshore’s Northeast Bab (NEB) field and ADNOC Gas’s Taweelah gas compression plant across hundreds of pieces of equipment. Following the successful initial deployment, Neuron 5 will now be rolled out in all ADNOC facilities across thousands of critical pieces of equipment essential for production, including compressors, valves and generators.
The innovative solution autonomously monitors performance of critical equipment, enabling process optimization and preventative maintenance, reducing operational downtime, boosting efficiency and reducing the need for time-consuming manual inspections. Neuron 5 uses advanced AI models and deep learning algorithms to predict maintenance needs and monitor equipment performance by interpreting data, such as pressure, temperature and vibration, received from sensors on critical equipment.