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Adnoc International Germany Holding, a wholly owned indirect subsidiary of Abu Dhabi-based XRG, has acquired a 95 percent controlling stake in Germany’s CovestroAdnoc International Germany Holding, a wholly owned indirect subsidiary of Abu Dhabi-based XRG, has acquired a 95 percent controlling stake in Germany’s Covestro

XRG acquires controlling stake in Germany’s Covestro

Author: Agbi

Source: Agbi

2025/12/17 23:53

Adnoc International Germany Holding, a wholly owned indirect subsidiary of Abu Dhabi-based XRG, has acquired a 95 percent controlling stake in Germany’s Covestro.

The controlling stake was acquired on December 10, the German chemicals maker said in a regulatory filing with the Frankfurt stock exchange on Tuesday.

In a statement on December 10, XRG, a low-carbon and chemicals investment company founded by Abu Dhabi National Oil Company (Adnoc), announced the completion of its voluntary public takeover offer of Covestro.

XRG also completed a capital increase of €1.17 billion to strengthen Covestro’s balance sheet under the new ownership structure.

The funding will provide Covestro with additional resources to support the implementation of its “sustainable future” strategy, the statement said.

Adnoc submitted a €14.7 billion ($17 billion) takeover proposal for Covestro in October 2024.

The deal had sparked EU concerns of state subsidies to acquire Covestro but it is now expected to close by the end of the year, Reuters reported.

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