Covestro AG (“Covestro”) announced today the signing of an Investment Agreement with ADNOC Group entities, including ADNOC International Limited and its subsidiary, ADNOC International Germany Holding AG (“Bidder”). Under the agreement, the Bidder will launch a public takeover offer for all outstanding Covestro shares at €62.00 per share. ADNOC International has also committed to fully supporting Covestro’s “Sustainable Future” strategy. Additionally, Covestro’s Board of Management and Supervisory Board have approved a 10% capital increase (18.9 million shares) to be issued to the Bidder at the offer price, totaling €1.17 billion, subject to transaction completion.
Dr. Markus Steilemann, CEO of Covestro, expressed confidence in the agreement, stating that ADNOC’s support will strengthen Covestro’s sustainable growth and its contribution to the green transformation. He highlighted the complementary growth strategies and shared commitment to advanced technologies, innovation, and sustainability as core pillars of the partnership.
His Excellency Dr. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, praised Covestro’s expertise in high-tech specialty chemicals and materials, emphasizing the strategic alignment between the two companies. He noted that this partnership is a critical step toward ADNOC’s goal of becoming a top global chemicals company while driving long-term value and fostering the transition to a circular economy.
