Abu Dhabi Oil Giant ADNOC Acquired Covestro Shares
2025-1-21
Abu Dhabi National Oil Company (ADNOC) has acquired a majority stake in Covestro, a German polymer manufacturer.
As the new major shareholder of Covestro, ADNOC¡äs newly established investment company XRG is expected to become one of the top five chemical companies in the world, marking an important milestone in its international growth strategy.
ADNOC has taken a decisive step in the acquisition process, which could become a milestone in Germany¡äs economic history in multiple dimensions. This will be the first major acquisition of DAX by investors from Gulf countries and the largest deal in the European chemical industry in many years, with a transaction amount of 11.6 billion euros. ADNOC sees the acquisition of Covestro as the first step towards a top alliance in the global chemical industry.
As the new major shareholder of Covestro, ADNOC¡äs newly established investment company XRG is expected to become one of the top five chemical companies in the world, marking an important milestone in its international growth strategy.
ADNOC has taken a decisive step in the acquisition process, which could become a milestone in Germany¡äs economic history in multiple dimensions. This will be the first major acquisition of DAX by investors from Gulf countries and the largest deal in the European chemical industry in many years, with a transaction amount of 11.6 billion euros. ADNOC sees the acquisition of Covestro as the first step towards a top alliance in the global chemical industry.