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ADNOC acquires 91.3% of Covestro

The Emirates group successfully completed the public tender offer for Covestro shares, backed by the German company’s management.

December 20, 2024 14:51

covestro logo ADNOC’s non-hostile voluntary public takeover offer for the German chemical group Covestro has concluded successfully.
The operation, conducted by Adnoc International Germany Holding—a subsidiary of XRG (formerly Adnoc International, the Emirati group’s foreign investment arm)—resulted in the acquisition of 172,591,806 Covestro shares, equivalent to 91.32% of its capital.
ADNOC had offered Covestro shareholders €62 per share, representing a 54% premium over the June 2023 trading price.

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