Chemicals Oil company Adnoc from the Emirates wants to take over Covestro

The state-owned oil company Adnoc from the United Arab Emirates wants to take over the German plastics group Covestro, as has long been expected. The Arabs are offering 62 euros per share in the Leverkusen-based company, as the companies announced on Tuesday.

This values the DAX-listed Covestro group at a total of 11.7 billion euros. Covestro has 17,500 full-time jobs, of which around 7,000 are in Germany. In addition to the headquarters in Leverkusen, there are large sites in Krefeld (Uerdingen), Dormagen (all in North Rhine-Westphalia) and Brunsbüttel (Schleswig-Holstein).

Outside Germany, there are large plants near Houston (USA) and in Shanghai (China). The Group produces rigid and flexible foams as well as rigid plastics for the automotive, construction, electronics and furniture industries, for example.

Speculation about a purchase arose in mid-2023. In September 2023, Covestro then announced that it was in talks with Adnoc - concrete takeover negotiations with the Abu Dhabi-based group have only been underway since June 2024. The minimum acceptance level is now 50 percent plus one share. Covestro reportedly supports the offer.