Leverkusen, Germany – Adnoc International has succeeded in its bid for Covestro, with the owners of 91.3% of the company’s outstanding shares accepting the voluntary public takeover offer. The deal remains subject to customary closing conditions, and is not expected to formally close before the second half of 2025.
Adnoc’s interest in Covestro was first confirmed in September 2023, negotiations formally announced in June this year, and the deal finalised in early October. The full value of the deal, including the debt Adnoc is taking on, is about €14.7bn.
Covestro will become the foundational platform of XRG’s performance materials and specialty chemicals business. XRG is the new lower-carbon energy and chemicals investment business announced by Adnoc at the end of November, which is set to commence activities in the first quarter of 2025. XRG’s initial focus will be on investments that create value in natural gas, chemicals and lower-carbon energy solutions, it said.