Abu Dhabi's ADNOC to Buy Covestro

ADNOC to Buy Covestro
ADNOC to Buy Covestro. Covestro logo.

Covestro AG, a German manufacturer of polymer materials and components with world headquarters in Leverkusen, Germany, and U.S. headquarters in Pittsburgh, has signed an agreement for a $13.1 billion takeover by the Abu Dhabi-based Abu Dhabi National Oil Co., including Adnoc International Ltd. and its subsidiary, Adnoc International Germany Holding AG.  

According to a news release, the Adnoc Group will make a public takeover offer for all outstanding shares of Covestro at $68.71 per share for a total amount of $13.1 billion, which the company will use to build an even stronger foundation for sustainable growth. As part of the agreement, Adnoc International is committing to fully supporting Covestro’s “Sustainable Future” strategy. 

 “We are convinced that the agreement reached today with Adnoc International is in the best interest of Covestro, our employees, our shareholders, and all other stakeholders,” said Markus Steilemann, CEO of Covestro. “With Adnoc International’s support, we will have an even stronger foundation for sustainable growth in highly attractive sectors and can make an even greater contribution to the green transformation.”  

Sultan Ahmed Al Jaber, Adnoc managing director and group CEO, said: “As a global leader and industrial pioneer in chemicals, Covestro brings unmatched expertise in high-tech specialty chemicals and materials, using advanced technologies including AI. This strategic partnership is a natural fit and aligns seamlessly with Adnoc’s ongoing smart growth and future-proofing strategy and our vision to become a top five global chemicals company.”  

The offer will be subject to a minimum acceptance level of 50% plus one share and customary closing conditions, including merger control, foreign investment control, EU foreign subsidies clearances.  

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