# Covestro eyes 400 million eur in cost cuts after ADNOC talks intensify
Published: 2024-06-25
Category: News
Category URL: https://tradingherald.com/category/news/
Meta Title: Covestro eyes 400 million eur cost cuts amid ADNOC talks
URL: https://tradingherald.com/covestro-eyes-400-million-eur-in-cost-cuts-after-adnoc-talks-intensify/

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## Covestro eyes 400 million eur in cost cuts after ADNOC talks intensify

(Reuters) – Covestro, the German chemicals maker in talks to be acquired by ADNOC, on Tuesday launched an efficiency programme to cut 400 million euros ($429 million) in costs per year from end-2028.

It also agreed with labour representatives to rule out forced redundancies in Germany until 2032.

[Covestro](https://tradingherald.com/covestro-sees-lower-2023-profit-cash-flow-as-macro-challenges-prevail/) said on Monday it was stepping up talks with [ADNOC,](https://tradingherald.com/uks-petrofac-gets-over-600-million-carbon-capture-contract-from-adnoc-gas/) also known as Abu Dhabi National Oil Co, after the Emirati energy group made an improved 11.7 billion euro takeover bid following more than a year of pursuing the [chemicals](https://tradingherald.com/specialty-chemicals-market-surges-to-usd-894-14-billion-by-2028-propelled-by-6-17-cagr-verified-market-research/) firm.

($1 = 0.9314 euros)

(Reporting by Ozan Ergenay and Ludwig Burger; Editing by Miranda Murray)


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