Abu Dhabi’s state-owned oil firm, ADNOC, has agreed to acquire German chemical giant Covestro for €14.7 billion ($16.4 billion), marking a significant move in ADNOC’s international growth strategy. The 62 euros-a-share cash deal will also see ADNOC take on about 3 billion euros in debt. With this deal, ADNOC aims to grow in petrochemicals along with gas and renewable energy. ADNOC’s bid for global expansionADNOC’s latest acquisition forms part of its broader strategy to diversify its operations beyond oil, emphasizing chemicals and advanced materials. Covestro, known for its high-tech polymers…