Covestro has signed an investment agreement with certain entities of the UAE’s state-owned oil company, ADNOC Group, including ADNOC International Limited and its subsidiary, ADNOC International Germany Holding AG. The agreement stipulates, among other items, that ADNOC International Germany Holding AG will make a public takeover offer for all outstanding shares of Covestro at a price of €62.00 per share. Covestro reports that ADNOC International is committing itself to fully supporting the Covestro’s Sustainable Future strategy. At the same time, the Board of Management and the Supervisory Board of Covestro decided that upon completion of the transaction, the company's share capital shall be increased by 10% (18.900.000 shares) and that, at and subject to closing, the new shares shall be issued to the ADNOC International Germany Holding AG against payment of a price per share equal to the offer price, thus, based on an offer price of €62.00 against a total amount of €1.17 billion, under simplified exclusion of subscription rights.

Dr. Markus Steilemann, CEO of Covestro, said, “We are convinced that the agreement reached today with ADNOC International is in the best interest of Covestro, our employees, our shareholders, and all other stakeholders. 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. We regard ADNOC International as a financially strong and long-term oriented partner with whom we will further drive our successful “Sustainable Future” strategy in all market conditions. Our complementary growth strategies, shared commitment to advanced technologies, innovation and sustainability are key cornerstones of our partnership.”