ADNOC International acquires Covestro

Covestro is an industrial pioneer and a global leader in the high-tech specialty chemicals space

ADNOC recently announced that ADNOC International Limited (ADNOC International), has entered into an investment agreement with Covestro AG (Covestro), one of the world’s leading chemical players, and launched a voluntary public takeover offer to all shareholders for a cash consideration of AED254 (€62) per share.

Covestro is an industrial pioneer and a global leader in the high-tech specialty chemicals space, boasting a suite of cutting-edge technologies and a range of products that support decarbonisation and the circular economy.

Servicing more than 8,500 international business customers globally, the company has 48 production sites worldwide and 13 research and development (R&D) facilities.

Specialty solutions

Offering more than 10,700 world class specialty solutions, Covestro designs and manufactures advanced specialist products used in semiconductors, as well as critical materials used in data centres, supporting the growth of artificial intelligence (AI) by producing thermal conductive solutions and providing advanced molding technologies, a press statement indicated.

“As a global leader and industrial pioneer in chemicals, Covestro brings unmatched expertise in high-tech specialty chemicals and materials, using advanced technologies including AI,” remarked Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO.

“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,” commented Dr. Markus Steilemann, CEO, Covestro.