As has long been expected, the UAE’s state oil company ADNOC wants to acquire the German plastics company Covestro. Al-Arab is offering 62 euros per share in Leverkusen, the companies announced on Tuesday. This means that the DAX Covestro Group has a total value of €11.7 billion.
Covestro has 17,500 full-time jobs, about 7,000 of which are in Germany. In addition to the headquarters in Leverkusen, there are large sites in Krefeld (Oerdingen), Dormagen (all in North Rhine-Westphalia) and Brunsbüttel (Scheswig-Holstein). There are large factories abroad near Houston (USA) and Shanghai (China). The group produces rigid and soft foams as well as rigid plastics for the automotive, construction, electronics and furniture industries.
Speculation about the purchase arose in mid-2023. In September 2023, Covestro announced that it was in talks with ADNOC, and concrete takeover negotiations with the Abu Dhabi group have only been ongoing since June 2024. The minimum acceptance rate now stands at 50 percent plus one share. According to the information, Covestro supports the offer.
