Adnoc International Germany Holding, a fully owned subsidiary of XRG from Abu Dhabi, has secured a controlling 95 percent stake in Covestro, a German chemical manufacturer.
The acquisition was finalized on December 10, as indicated by a regulatory filing submitted to the Frankfurt stock exchange on Tuesday.
XRG, which specializes in low-carbon and chemicals investment and was established by the Abu Dhabi National Oil Company (Adnoc), announced the successful completion of its voluntary public takeover bid for Covestro on December 10.
As part of the new ownership strategy, XRG has also executed a capital increase amounting to €1.17 billion, aimed at bolstering Covestro’s financial stability.
This financial infusion is intended to equip Covestro with the necessary resources to advance its strategy focused on sustainable development, as stated in their announcement.
In October 2024, Adnoc proposed a takeover bid valued at €14.7 billion (approximately $17 billion) for Covestro.
Although there were concerns raised by the EU regarding potential state subsidies involved in this acquisition, the deal is anticipated to reach finalization by the end of this year, as reported by Reuters.
