# Covestro eyes 400 million eur in cost cuts after ADNOC talks intensify
Published: 2024-06-25
Category: News
Category URL: https://technologydispatch.com/category/news/
Meta Title: Covestro's Efficiency Program Targets 400 Million Eur in Cost Cuts
Meta Description: Covestro launches program to slash costs, rules out forced layoffs in Germany. Strategic talks with ADNOC intensify, fueling prospects for acquisition.
URL: https://technologydispatch.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 said on Monday it was stepping up talks with ADNOC, 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 firm.

($1 = 0.9314 euros)

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


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