Takeover offer from "XRG" For a company "Covestro AG" Exceeds the target acceptance rate from shareholders
Abu Dhabi, December 19 / WAM / ADNOC International, the German holding company, “the bidder”, which is wholly owned and indirectly affiliated with “XRG”, “formerly known as “ADNOC International Limited”, along with the bidder and other companies affiliated with the ADNOC Group”, announced. Today, we announce the final results of the voluntary public takeover offer (“Takeover Offer”) submitted to all shareholders of Covestro AG or the “Company” after the expiration of the additional acceptance period.
After the end of the additional acceptance period on December 16, 2024, the percentage of total shares acquired and purchased by “XRG” amounted to 91.32%.
Of the total shares of Covestro.
Accordingly, XRG will become the new majority shareholder in Covestro AG, a company specializing in the production of high-quality polymer materials. Completion of the transaction is subject to regulatory approvals.
Today’s announcement represents an important step within XRG’s ambitious strategy for international growth and expansion, through which it aims to become among the top five global companies in the field of chemicals, and to make the most of new growth opportunities.
In a joint statement issued on November 7, 2024, the Board of Directors and the Supervisory Board of Covestro recommended to the company’s shareholders to accept the takeover offer.
His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the Executive Board of Directors of “XRG” Company, said that, in line with the leadership’s vision of supporting sustainable economic growth, we express our pride that the voluntary public takeover offer submitted by ‘XRG’ has received the approval of the majority of the company’s shareholders. Covestro’.
He stressed that this achievement is an important step as it is the first major qualitative investment by “XRG” in the field of chemicals, and supports the realization of its ambition to become among the top five global companies in the field of chemicals, and enhances its efforts to meet the increasing global demand for energy and chemical products, and its efforts to achieve the transition towards an economy. Ring.
His Excellency added that “XRG”, as a strategic investor, focuses on implementing qualitative investments that achieve long-term economic value, and is committed to the “sustainable future” strategy of “Covestro”, which we look forward to working with its board of directors and cadres to enhance and increase the value for all parties concerned and benefit from new growth opportunities.
It is noteworthy that the success of the takeover offer is still subject to the fulfillment of the remaining regulatory conditions, including the powers to monitor mergers, foreign investments, and permits to regulate foreign support of the European Union, and the deal is expected to be completed in the second half of 2025.
This deal primarily aims to consolidate Covestro’s position as one of the world’s leading companies in the production of high-quality polymer materials for the “High Performance Materials” and “Specialized Materials and Solutions” sectors.
According to the investment agreement, XRG has committed to fully supporting Covestro in implementing its “Sustainable Future” strategy to continue its strategic development.
The acquisition of Covestro is an essential step in achieving XRG’s goals of growth, expansion, benefiting from advanced technology, and reducing emissions.
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