Acquisition Completion
ADNOC International Germany Holding AG, a subsidiary of XRG P.J.S.C., has completed its voluntary public takeover offer for Covestro AG. This acquisition marks a significant step in XRG's strategy to enhance its global presence in the chemicals sector.
Financial Strengthening
As part of the transaction, XRG is implementing a capital increase of €1.17 billion. This move aims to bolster Covestro's balance sheet under the new ownership structure, ensuring financial stability and growth potential.
Strategic Partnership
XRG plans to collaborate closely with Covestro's management to unlock the company's long-term potential. This partnership is expected to drive innovation and efficiency within Covestro's operations.
Industry Impact
Covestro, known for its high-quality polymer materials, will play a crucial role in advancing XRG's ambition to become a top three global chemicals investor. The acquisition is set to enhance XRG's competitive edge in the industry.
