Covestro shareholders accept ADNOC's XRG takeover offer
19/12/2024 07:30
DUBAI, Dec 19 (Reuters) - XRG, the international
investments arm of Abu Dhabi National Oil Company, said on
Thursday it will become the new majority shareholder in Covestro
1COVG.DE after the German chemicals maker's shareholders
approved the takeover offer.
Shares tendered and bought by XRG are equivalent to 91.32%
of Covestro's total outstanding shares, XRG said. The takeover
still needs to meet regulatory conditions and is expected to
close in the second half of next year.
"Today's significant milestone marks the first major
transformational investment for XRG in chemicals, accelerating
our ambition to become a top five global chemicals player," XRG
Executive Chairman Sultan Al Jaber, also ADNOC's group chief
executive, said in the statement.
(Reporting by Yousef Saba
Editing by Mark Potter)
((Yousef.Saba@thomsonreuters.com; +971562166204; https://x.com/YousefSaba))