“Acquiring Covestro is a pivotal step that reinforces our commitment to diversifying Adnoc’s portfolio,” said Sultan Ahmed Al Jaber, Adnoc’s managing director and group CEO. He emphasized that the deal will unlock new growth opportunities and position Adnoc as a top global player in the chemicals market.
Adnoc to acquire Covestro : Green Energy Focus
The Gulf region, particularly Abu Dhabi, has been seeking ways to diversify its investments beyond oil, especially amid the global transition to green energy. Covestro’s management, led by CEO Markus Steilemann, welcomed the acquisition, noting that Adnoc’s backing will strengthen the company’s capacity for sustainable growth.
“With Adnoc International’s support, we will have an even stronger foundation for sustainable growth in highly attractive sectors and can make an even greater contribution to the green transformation,” Steilemann said.
Deal Terms and Conditions
The completion of the €14.7 billion deal is contingent on several factors, including Covestro shareholders accepting the tender offer. The transaction will require approval from shareholders holding more than 50% of Covestro’s shares. Additionally, the deal is subject to regulatory clearance, including merger control and foreign investment approvals within the European Union.
