Covestro Engages in Discussions with Adnoc Following Acquisition Proposal

In June of this year, according to foreign media reports, the Abu Dhabi National Oil Company (Adnoc) has approached Covestro with a proposed acquisition offer. This news has garnered significant attention within the industry.

The latest update on the progress of this matter comes from Covestro, who officially announced on September 8th that the company's management board has decided to engage in open discussions with Adnoc, considering their interest in Covestro.

The details of whether an agreement will be reached, in what form, and under what conditions are still uncertain and will depend on the progress of the upcoming discussions. During this period of discussion, Covestro's board of directors will also specifically address how to further implement their future-oriented and sustainable corporate strategy, including relevant corporate governance provisions.

Dr. Markus Steilemann, CEO of Covestro, stated, "Adnoc's interest in our company underscores our strong position as a global leader in high-quality polymer materials manufacturing and as a leader in the transition to the circular economy. Despite the current industry challenges, we are well-positioned as an industry frontrunner to unlock significant long-term value within an attractive sector, supported by strong long-term growth trends. Regardless of the outcome of the negotiations with Adnoc, we will continue to focus on pursuing our successful 'Sustainable Future' strategy to fully leverage our potential and further drive the transition to the circular economy."

In addition to reaching agreement on the commercial and legal transaction parameters, any agreement would require approval from the respective boards of directors and regulatory authorities of both parties.

Covestro currently does not intend to comment further on this matter unless there are changes in the circumstances or events that require disclosure in accordance with applicable rules and regulations.