ADNOC’s Takeover of Covestro Successful – 91.3% Stake Secured

ADNOC International, now XRG, has successfully secured 91.3% of Covestro’s shares following the extended acceptance period, the company announced today. Covestro is set to become a key component of XRG’s performance materials and specialty chemicals business.

By December 16, 2024, a total of 172.6 million Covestro shares were tendered, surpassing the minimum acceptance threshold of 50% during the initial period ending November 27.

“This is great news for Covestro, our employees, and stakeholders. ADNOC’s partnership comes at the right time to drive our ‘Sustainable Future’ strategy,” said Covestro CEO Dr. Markus Steilemann.

XRG views Covestro as essential to its goal of becoming one of the world’s top five chemical companies. The deal remains subject to regulatory approvals and is expected to finalize in the second half of 2025.