Covestro said this offer carries a 54% premium over the share price on 19 June 2023. Credit: nitpicker/Shutterstock.

Abu Dhabi National Oil Company (ADNOC), through its subsidiary ADNOC International, has signed an agreement to acquire German chemical manufacturer Covestro for €11.7bn (Dh47.43bn).  

The acquisition terms include a public takeover offer for all outstanding shares of Covestro at €62 per share.  

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Covestro said this offer values it at approximately €11.7bn ($12.92bn) in equity and carries a 54% premium over the share price on 19 June 2023, the day before speculation about the deal emerged in the media. 

The chemical company’s supervisory board and board of management have expressed their support for the takeover by ADNOC.  

Covestro is an industrial player in the high-tech specialty chemicals market, with a product range that supports decarbonisation and the circular economy. 

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With a global footprint that includes 48 production sites and 13 research and development facilities, Covestro serves more than 8,500 international business customers.  

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The company offers more than 10,700 specialty solutions including adhesives, coatings, materials for data centres, performance materials, plastics and products for semiconductors. 

The acquisition is a strategic move for ADNOC, aligning with its board-mandated strategy to focus on gas, liquefied natural gas, chemicals and low-carbon energies.  

Upon completion, ADNOC expects this transaction to help towards its goal of becoming a top five global chemicals player. 

Covestro’s specialty chemicals business will also complement ADNOC’s growth strategy in the chemicals space.  

With this acquisition, Covestro will become the cornerstone of ADNOC’s performance materials and specialty chemicals business, enhancing the diversification of ADNOC’s chemical portfolio. 

ADNOC managing director and group CEO Sultan Ahmed Al Jaber 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. 

“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.”