ADNOC has offered a proposal of almost $11 billion to takeover Covestro, the German plastics and chemicals maker, according to two persons familiar with the matter, Reuters reported.

Covestro has issued previously earnings guidance that reassured markets about its growth prospects. It also resumed a share buyback program. Shares in Covestro were up 14% at 46 euros at 1400 GMT, trading at their highest in more than a year.

This will go on the same line with ADNOC’s plans to diversify the economy away from energy and with the transformation strategy, which also invited foreign investment, ADNOC began floating units in late 2017.

It has separately listed firms during the past two years that give investors access to its petrochemicals, fertilizers, drilling services, gas, and logistics businesses.

Sultan al-Jaber, the chief executive of ADNOC, is driving the company’s push into alternative energy, low-carbon fuels like hydrogen and ammonia, as well as liquefied natural gas and chemicals.