Covestro including ADNOC International and its subsidiary ADNOC International Germany Holding ADNOC group companies signed an investment agreement. Accordingly, ADNOC International and its subsidiary ADNOC International Germany Holding will initiate a voluntary public takeover transaction for all of its shareholders for the purchase of Covestro’s outstanding shares.
UAE company to Covestro shareholders will offer a price of 62 Euros per share. According to ADNOC, this amount corresponds to an enterprise value of €14.7 billion. is coming. The acquisition process requires the UAE company to at least conditional on purchasing 50 percent plus one share will be.
On the other hand, as part of the agreement, ADNOC International will be exempt from Covestro’s capital increase. 1.17 billion Euros It also signed an investment agreement in which it undertook to provide additional financing by purchasing new shares worth
Vision of becoming a top 5 global chemical company
Covestro Chief Executive (CEO) Markus Steilemann, He stated that with the support of ADNOC International, they will have a stronger basis for sustainable growth in highly attractive sectors and will be able to make a greater contribution to the green transformation.
ADNOC General Manager and Group CEO Sultan Ahmed el-Cebir of Covestro He noted that the partnership with ADNOC is in line with ADNOC’s vision of becoming a top 5 global chemical company with its ongoing strategy of smart growth and preparation for the future.
Source: www.dunya.com
