ADNOC's Successful Takeover of Covestro
- XRG acquires 91.3% of Covestro shares after the additional acceptance period.
- The takeover offer exceeded the minimum acceptance threshold of 50% plus one share.
- The transaction is subject to regulatory approvals, including merger and foreign investment control.
- Closing is expected in the second half of 2025.
Acquisition Details
XRG, formerly ADNOC International, has successfully acquired 91.3% of Covestro shares following the additional acceptance period ending December 16, 2024. This acquisition includes 172,591,806 shares, surpassing the minimum acceptance threshold of 50% plus one share.
Strategic Importance
Covestro is set to become the foundational platform for XRG's Performance Materials and Specialty Chemicals business. This move aligns with XRG's strategy to become a top five global chemicals player, leveraging Covestro's vision to become fully circular.
Regulatory Approvals
The transaction is subject to customary closing conditions, including merger control, foreign investment control, and EU foreign subsidies clearances. These regulatory approvals are necessary before the transaction can be finalized.
Expected Timeline
The closing of the transaction is anticipated in the second half of 2025, pending the necessary regulatory approvals.
Source: Covestro