Leverkusen, Germany – Covestro’s board is to enter into open-ended discussions with Abu Dhabi National Oil Company (Adnoc) in the light of Adnoc’s interest in the business. It was reported in June that Adnoc had offered €11bn for the German company.
Covestro also said that the discussions will address the safeguarding of the further implementation of its corporate strategy regarding both its future and sustainability.
“The interest of Adnoc in our company underlines our strong position as one of the world’s leading manufacturers of high-quality polymer materials and as a leader in the shift towards a circular economy,” said Covestro CEO Markus Steilemann.
“Beyond current headwinds in our industry, we are optimally positioned to unlock significant long-term value in highly attractive industries underpinned by strong secular growth trends. Regardless of the talks with Adnoc, we will remain fully focused on pursuing our successful ‘Sustainable Future’ strategy in order to unfold our full potential and further drive the transformation towards the circular economy.”
Any agreement, the company said, would also require the approval of the competent authorities. It added that it intends to make no further comment “unless and until changed circumstances or events require publication by Covestro to comply with applicable disclosure rules”.
