In response to the expressed interest from the Abu Dhabi National Oil Company (Adnoc), the Board of Management at Covestro AG has taken a significant step by initiating open-ended discussions with Adnoc. The outcome of these discussions, including the form and potential conditions of any agreement, remains uncertain and contingent upon the course of the forthcoming deliberations.
During these talks, Covestro’s Board of Management will place particular emphasis on safeguarding the continued implementation of its forward-looking, sustainability-focused corporate strategy. This strategy includes the establishment of corresponding corporate governance provisions.
Dr. Markus Steilemann, Chief Executive Officer of Covestro, highlighted the significance of Adnoc’s interest in the company, emphasizing Covestro’s robust position as a premier global manufacturer of high-quality polymer materials. He underscored Covestro’s leadership role in the transition towards a circular economy. Dr. Steilemann stated, “Beyond current industry challenges, we are exceptionally well-positioned to unlock substantial long-term value in industries characterized by strong, enduring growth trends. Irrespective of our discussions with Adnoc, our unwavering commitment is to diligently pursue our successful ‘Sustainable Future’ strategy, thereby realizing our full potential and further propelling the transformation towards a circular economy.”
It is important to note that any potential agreement reached will necessitate mutual consent on commercial and legal transaction parameters, alongside the approvals of the respective boards of both parties and the competent authorities.
As of now, Covestro does not intend to provide further commentary on this matter, unless altered circumstances or events compel the company to make additional disclosures in accordance with applicable disclosure rules.