ADNOC, the largest oil producer in the United Arab Emirates, has successfully gained control of 91.3% of outstanding Covestro shares, following an acceptance period that ended on December 16, 2024. ADNOC International Germany Holding AG, a wholly-owned indirect subsidiary of XRG P.J.S.C., announced that a total of 172 591 806 shares in Covestro have been tendered in its voluntary public takeover offer to all shareholders of Covestro AG 

“We are very pleased that so many of our shareholders have followed our recommendation and accepted the offer. This is very good news for Covestro, our employees and all other stakeholders. The strategic partnership with ADNOC is exactly the right step for Covestro at the right time,” said Dr. Markus Steilemann, CEO of Covestro. "With ADNOC respectively XRG as strong and long-term-oriented partner, we will be able to execute on our ‘Sustainable Future’ strategy even more consistently. As part of the XRG Group and following the closing of the transaction, we will be in a position to further accelerate our ongoing transformation.” 

XRG sees Covestro as the foundational platform of its Performance Materials and Specialty Chemicals business and is convinced of Covestro's strategic perspective and its vision to become fully circular. The takeover of Covestro marks a significant milestone in XRG’s strategy to become a top-five global chemicals player. 

The offer will be subject to customary closing conditions in relation to merger control, foreign investment control, EU foreign subsidies clearances. Closing is not expected before the second half of 2025.

Learn more about Covestro at www.covestro.com.