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Abu Dhabi National Oil Co (ADNOC) has signaled a willingness to raise its informal offer to 60 euros per share for a valuation of $12.6 billion for German plastics and chemicals maker Covestro
Despite Big Oil historically relying on their petrochemical businesses as a hedge against low oil and gas prices, a slump in petrochemical margins is weighing on their profits.
(Bloomberg) -- Plunging margins for petrochemicals are set to take a bite out of Big Oil’s quarterly profits, adding to the pain companies are feeling from lower oil and gas prices.Most Read from BloombergThe Bear Market Has Nearly Been Erased, Fewer Than 20 Months After It BeganPutin Warns Poland Over ‘Aggression’ Against Ally BelarusUS Recession Becomes Closer Call as Economists Rethink ForecastsWhy South Africa Is on the Brink of ChaosOil Trader Vitol Doubled Average Pay on Record $15.1 Billi