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On December 10, XRG (formerly ADNOC International) announced that it had completed the acquisition of the German chemical company Covestro. On October 1, 2024, Covestro signed an investment agreement with relevant entities under ADNOC; the acquirer would purchase all of Covestro’s issued shares at a price of around 11.7 billion euros. The acquisition also included debt worth 3 billion euros, bringing the total value of the deal to 14.7 billion euros (approximately 114 billion yuan at that time). In addition, Covestro will also issue 10% new shares to receive a capital injection of 1.17 billion euros from ADNOC. It is reported that the key elements of the strategic partnership agreed upon by both parties include Covestro serving as the foundational platform for XRG’s high-performance materials and specialty chemicals business. Under the terms of the investment agreement, Covestro will maintain its autonomous operations, and the Board of Directors led by CEO Dr. Markus Steilemann will continue to be responsible for operational management and strategic direction. At the same time, following the completion of the transaction, Covestro will maintain its current corporate structure, German corporate governance standards, and existing collective labor agreements, and will continue to have Leverkusen as its registered headquarters. XRG is an international investment company with a value of $150 billion, focusing on natural gas, chemicals, and scalable energy solutions that power artificial intelligence and industry worldwide. The company’s headquarters are located in Abu Dhabi, UAE, and it is wholly owned by Abu Dhabi National Oil Company (ADNOC). Covestro is a chemical manufacturer headquartered in Germany; it was formerly the materials science division of the Bayer Group, and became an independent company by separating from Bayer in 2015. In 2024, Covestro’s sales amounted to 14.2 billion euros; it has 46 production sites worldwide and employs around 17,500 people.