It may have taken a while, but Adnoc has almost reached its goal with Covestro. The state-owned oil company from Abu Dhabi has agreed a takeover with management, and will launch a tender offer – at a price which is undoubtedly attractive for shareholders. The energy crisis, and the slowdown in the chemical industry, have taken their toll on the Leverkusen-based polymers specialist, which considers the struggling automotive industry to be one of its most important customers. It was only when takeover negotiations began a year ago that the share price rose by half.

Adnoc's approach contrasts favourably with the noise surrounding Commerzbank/Unicredit and DB Schenker/DSV. Bank employees fear for thousands of jobs at Commerzbank. And the DB supervisory board wasn't sure who to sell to. M&A requires patience and discipline, and Adnoc has demonstrated this. And the German government has done the right thing by staying out of it so far.

At Covestro, compulsory layoffs are ruled out until 2032, and Adnoc will have to adhere to this according to the investor agreement. What's more, the Abu Dhabi-based company is even providing an equity injection worth billions right from the start, and has deep pockets for further projects, within its 150 billion dollar investment plans. The company is offering 11.7 billion euros for the Covestro shares, and the capital increase – which Covestro intends to use to finance its sustainability strategy – is on top of that.

Arab investors have had German companies on their radar for a long time. The Qatari sovereign wealth fund QIA alone has pumped 30 billion euros into Germany, and holds shares in German blue chips such as Siemens (4%), VW (17%), Hapag-Lloyd (14.4%) – in which Saudi Arabia also has a substantial stake – and Deutsche Bank (6%).

In view of the crisis in German industry, Arab investors should be most welcome – especially if things go as smoothly as with Covestro. The whole process has been rigorous and credible. The Arab investor sparkles with clear and positive announcements, whereas DSV from Denmark is talking about job cuts at DB Schenker.

Nonetheless, it is not a matter of course that the Covestro deal goes through without a hitch. It is not only the largest M&A deal in Europe this year, but also be the first complete takeover of a DAX-listed company by a state-owned company from the Gulf.