ADNOC International Germany Holding has filed a $16.4bn takeover offer for leading chemicals firm Covestro.
Dr. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, said as a global leader and industrial pioneer in chemicals, Covestro brings ‘unmatched expertise in high-tech specialty chemicals and materials’, using advanced technologies including AI – a key focus for the Abu Dhabi corporation too, under its ENERGYai strategy.
“This strategic partnership is a natural fit and aligns seamlessly with ADNOC’s ongoing smart growth and future proofing strategy and our vision to become a top five global chemicals company,” he said.
Dr. Markus Steilemann, CEO of Covestro, said with ADNOC International’s support, it will have an even stronger foundation for sustainable growth in highly attractive sectors and can make an even greater contribution to the green transformation.
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