ADNOC to acquire Covestro AG for AED254 per share

ADNOC International Limited (ADNOC International) has entered into an investment agreement with Covestro AG, a leading speciality chemicals company, and announced a voluntary public takeover offer at AED254 (€62) per share.

This strategic acquisition aligns with ADNOC’s goal of strengthening its position in the chemicals sector and aims to rank among the top five global chemicals companies. The partnership will diversify ADNOC’s portfolio by leveraging Covestro’s advanced technologies and expertise to meet the rising global demand for energy and chemical products.

Sultan Ahmed Al Jaber, ADNOC’s Managing Director and Group CEO, emphasised the significance of the agreement, noting it supports ADNOC’s disciplined investment strategy and commitment to a sustainable, circular economy. The chemicals market is projected to double by 2050, with a compound annual growth rate of 2 per cent in petrochemical demand from 2024 to 2050.

Moreover, the takeover offer requires a minimum acceptance threshold of 50 per cent plus one share of Covestro’s issued share capital and is subject to regulatory approvals.

Attribution: Emirates News Agency (WAM)

Subediting: M. S. Salama