ADNOC International Enters into Investment Agreement with Covestro

ADNOC International Germany Holding AG has signed an Investment Agreement with Covestro AG and announced a voluntary public takeover offer. The takeover entails an offer price of €62 per share, leading to an enterprise value of €14.7 billion. This represents a premium of approximately 54% to the unaffected share price of Covestro.

This move is a significant strategic milestone in ADNOC's chemicals growth strategy. ADNOC aims to become a top 5 global chemicals player, with Covestro acting as a foundational platform.

ADNOC also commits to a 10% non-preemptive capital increase of €1.17 billion in Covestro upon closing the transaction. Both the Board of Management and Supervisory Board of Covestro support and welcome this Offer.

The successful completion of the takeover offer remains subject to various customary conditions, including regulatory approvals. ADNOC International will finance the offer with available cash.