Abu Dhabi's ADNOC has struck a deal to buy German chemicals maker Covestro for 14.7 billion euros ($16.3 billion), including debt, in the energy giant's biggest ever acquisition.

Abu Dhabi’s national oil company has agreed a €14.7bn deal to buy German chemicals group Covestro in one of the largest European takeovers this year. Adnoc, which has been pursuing Covestro since last year, has offered €62 per share for the German company. It will also inject €1.17bn of new money into the chemicals group.

There are no plans to sell, close or significantly reduce its business activities as part of the transaction, Covestro officials said.