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![A significant Step]()
A significant Step
Alongside numerous exciting projects and innovations, 2024 was particularly significant for Covestro for another reason: we have agreed on a strategic partnership with ADNOC.
In October 2024, entities of the Abu Dhabi National Oil Company (ADNOC) group and Covestro signed an investment agreement, thereby laying the foundation for a strong strategic partnership. Our shareholders accepted the takeover offer with a large majority. After receiving the still outstanding required regulatory approvals, this will mark a significant step in our company’s history.
The strategic partnership with ADNOC will not only provide Covestro with additional stability in a rapidly changing industry but also strengthen its foundation for sustainable growth. This collaboration allows us to improve our positioning in high-growth futurebusiness areas. Key focus will be on our “Sustainable Future” corporate strategy, which we will continue to pursue with ADNOC’s full support.
At the same time, Covestro’s proven corporate structure remains in place: In the concluded Investment Agreement, having a term until end of 2028, it is agreed that Covestro will continue to operate independently as a stock corporation, with its Board of Management having full responsibility for the company’s strategic direction. Furthermore, the established standards for governance and employee rights will be upheld. This balance between continuity and growth opportunity makes this partnership so forward-looking and attractive.
ADNOC and Covestro will shape the chemical industry of tomorrow – responsibly, innovatively, and sustainably.
Ambitious Plans
Covestro and ADNOC share ambitious plans: With ADNOC’s support, Covestro aims to accelerate the development of innovative technologies and sustainable solutions while actively driving the global transition to a circular economy. ADNOC views Covestro as a key building block in its journey to becoming one of the top five chemical companies worldwide.
Although significant steps have already been taken, it will still take some time to be able to finalize the transaction. This is because the completion of the transaction is subject to customary closing conditions in relation to merger control, foreign investment control and EU foreign subsidies clearances. We do not expect this process to be completed before the second half of 2025.