Abu Dhabi National Oil Company (ADNOC) is expected to make a formal offer to acquire Covestro for about 14.4 billion euros ($15.90 billion) including debt, the Financial Times reported on Wednesday.

Having circled the German chemicals firm for more than a year, ADNOC in June won the target company over to disclose more data and have in-depth talks, based on an improved indicative bid of 11.7 billion euros or 62 euros per share.

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Covestro, which makes plastics and chemicals for construction and engineering, said at the time it was opening its books to ADNOC because an agreement on core aspects including Covestro’s growth strategy may be reached.

Covestro was not immediately available for comment on the FT report when emailed by Reuters early Wednesday.