As part of its takeover bid, the oil company Adnoc has been offered almost 70 percent of the shares in Covestro.
 

The oil company Adnoc has thus secured a majority stake in the German plastics manufacturer, the Arab state-owned company announced on Monday, according to Euwid. Covestro's top management supported the offer. According to the Handelsblatt, the Arab group's goal is to take over Covestro completely and then delist it from the stock exchange, the report continues. Shareholders who have not yet sold their shares to Adnoc can still accept the company's offer until 16 December. Adnoc is offering shareholders €62 per Covestro share. According to the Handelsblatt, the necessary regulatory approvals for the transaction – including antitrust approvals in 18 countries and regions, including the EU and the US – have not yet been obtained. The transaction is expected to be completed in the second half of 2025. XRG, a company established by Adnoc at the end of November, is to act as the holding company for Covestro. It is said to be focusing on global investments in the chemicals, natural gas and energy sectors and, as the future majority shareholder of Covestro, on track to become one of the five largest chemical companies in the world.
 
Sources:

• Handelsblatt (2.12.2024)
• Euwid Recycling und Entsorgung 49/2024 (3.12.2024)
• Photo: © Covestro