Covestro AG said full-year profit is expected to come in at the lower half of its guidance range because of waning global demand, potentially weighing on hopes for a higher takeover offer from Abu Dhabi Oil Company.

Covestro still projects earnings before certain items to be between €1.1 billion ($1.2 billion) and €1.6 billion in the full year, the chemical maker said Tuesday. This followed a drop in demand and lower sales prices during the second quarter.

“We currently still do not anticipate an economic recovery in the remainder of the year,” Chief Financial Officer Thomas Toepfer said in a statement.

German chemicals firms BASF SE, Evonik Industries AG and Lanxess AG all have in recent weeks warned of a worsening outlook for the rest of the year, blaming subdued global industrial output and slow demand for consumer products.

Adnoc earlier in July boosted its takeover offer for Covestro to around €11 billion as the energy group hopes to convince the German manufacturer to enter talks. The Leverkusen-based company in June rejected Adnoc’s earlier proposal as too low.

Covestro didn’t provide details on the Adnoc discussions in its earnings release. “We expect a muted share price response,” Jefferies analyst Chris Counihan said in a note to clients.

Earnings before interest, tax, depreciation and amortization are expected between €240 million and €EUR 340 million during the third quarter, the company said.