Covestro CEO: sees ADNOC takeover completion in 2H of next year

Covestro AG

01/10/2024 09:12

FRANKFURT, Oct 1 (Reuters) - Covestro Chief Executive
Markus Steilemann expects the 15.9 billion euro ($17.66 billion)
takeover of the German company by Abu Dhabi state oil giant
ADNOC to be completed in the second half of next year, he told
Reuters on Tuesday.
    He also said he does not expect significant changes to the
governance structure even after 2028 and that his contract until
2028 is still valid.
    "I have a current contract until 2028, and to be very clear,
the contract is still valid," he said, adding: 
    "I believe this is exactly the right step to not only keep
Covestro on course for growth, but to put it in the fast lane."
    
    ($1 = 0.9001 euros)

 (Reporting by Patricia Weiss
Writing by Madeline Chambers
Editing by Rachel More)
 ((Madeline.Chambers@thomsonreuters.com; +4930220133578;))