Abu Dhabi National Oil Company (ADNOC) International has announced a voluntary public takeover of Covestro AG, a leading player in the chemical industry.
The Abu Dhabi state oil giant said it has made a cash offer of Dh254 (€62) per share for all shares in Covestro. In addition, ADNOC would also buy €1.17 billion worth of new Covestro shares from a 10% capital increase to improve funding.
With 48 production sites and 13 R&D facilities, Covestro serves over 8,500 international business customers globally. The company offers more than 10,700 speciality solutions, including advanced products used in semiconductors, plastics, coatings, adhesives and materials critical for data centres and AI growth.
“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,” said Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, said,
“It represents a pivotal step for both organisations and embodies our disciplined approach to investing in strategic assets that drive long-term value and unlock new growth opportunities, while reinforcing our commitment to diversifying ADNOC’s portfolio.”
