December 10, 2025 17:54

Following the receipt of all necessary regulatory approvals, the acquisition of German company Covestro by the Emirati group ADNOC, through its subsidiary XRG (formerly ADNOC International), has now been completed.

The process — from initial talks to today’s finalization — took nearly two years and culminated in a capital increase of 1.17 billion euros, funds that Covestro will use to support the implementation of its Sustainable Future strategy.

The announcement was made by Markus Steilemann, CEO of Covestro (pictured): “With today’s closing of the transaction, we can now begin our joint journey with XRG. Together with XRG as a strong and long-term partner, we are well positioned to drive Covestro’s transformation and create long-term value for our customers, employees and stakeholders worldwide.”

XRG is an international investment company with an enterprise value of $150 billion, investing across natural gas, chemicals and scalable energy solutions. Headquartered in Abu Dhabi and wholly owned by ADNOC, XRG’s portfolio includes operating and non-operating interests in assets and companies that are meeting the rapidly increasing global demand for energy and the chemicals that are essential for sustainable economic growth.

Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. The company generated sales of 14.2 billion euros in fiscal year 2024. At the end of 2024, the company had 46 production sites worldwide and employed approximately 17,500 people.

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