XRG Achieves 91.3% Stake in Covestro via Takeover Offer

XRG, formerly ADNOC International, has secured 91.3% of Covestro shares through a voluntary takeover offer, marking a significant accomplishment in its growth strategy. This transaction represents XRG's ambition to become a leading global chemicals player.

The takeover will see XRG become Covestro's majority shareholder, pending regulatory approvals. Completion is expected in the second half of 2025. XRG emphasizes its commitment to Covestro's "Sustainable Future" strategy, planning a 10% capital increase in Covestro at closing.

Dr. Sultan Ahmed Al Jaber, XRG's Executive Chairman, expressed excitement over the acquisition, highlighting it as a key step toward meeting global energy demands and advancing a circular economy. XRG aims to create value for stakeholders alongside Covestro's team.