German chemical major Covestro’s Board of Management has reopened negotiations with Abu Dhabi National Oil Company (Adnoc) for a possible takeover.
The company has said it has entered into open-ended discussions with Adnoc. Whether, in which form and, if applicable, at which conditions an agreement between the parties will be reached is open and will depend on the course of the forthcoming discussions.
During the discussions, Covestro’s Board of Management will in particular also address the safeguarding of the further implementation of its future- and sustainability-oriented corporate strategy, including corresponding corporate governance provisions.
Dr. Markus Steilemann, CEO, Covestro said: “The interest of Adnoc in our company underlines our strong position as one of the world’s leading manufacturers of high-quality polymer materials and as a leader in the shift towards a circular economy. Beyond current headwinds in our industry, we are optimally positioned to unlock significant long-term value in highly attractive industries underpinned by strong secular growth trends. Regardless of the talks with Adnoc, we will remain fully focused on pursuing our successful ‘Sustainable Future’ strategy in order to unfold our full potential and further drive the transformation towards the circular economy.”
