Covestro’s official website announced that in view of the interest shown by Abu Dhabi National Oil Company (ADNOC) in Covestro, the Management Board of Covestro decided on September 8 to have an open discussion with ADNOC. . The form in which an agreement will be reached between the parties and, if applicable, the conditions under which it will be reached, if applicable, are yet to be determined and will depend on the course of the upcoming discussions. During the discussion, the Management Board of Covestro will also discuss in particular how to safeguard the further implementation of its future-oriented and sustainable corporate strategy, including corresponding corporate governance provisions.
Covestro CEO Markus Dr. Steilemann said: “ADNOC’s interest in Covestro underlines our strong position as one of the world’s leading manufacturers of high-quality polymer materials and a leader in the transition to the circular economy. In addition to the headwinds facing the industry in which we operate, we remain is optimally positioned to unlock significant long-term value in an attractive industry, supported by strong long-term growth trends. Regardless of the outcome of the talks with ADNOC, Covestro remains committed to delivering on our successful ' Sustainable Futures' strategy to realize our full potential and further drive the transition to a circular economy."
Any agreement will require the approval of the respective boards of directors of the parties and the approval of the competent authorities, in addition to agreement on the commercial and legal transaction parameters.
Covestro does not intend to comment further on this matter at this time unless circumstances or events change requiring Covestro to release information to comply with applicable disclosure rules.
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