The Competition Commission of India (CCI) has approved the acquisition of Covestro AG by the Abu Dhabi National Oil Company (ADNOC). The approval pertains to a two-part transaction involving ADNOC and its subsidiaries.
Firstly, ADNOC, through its entities ADNOC PJSC, ADNOC International Limited, and ADNOC International Germany Holding AG, will acquire up to 100% of Covestro AG’s share capital. This will be done through an all-cash voluntary public takeover offer made to all Covestro shareholders.
Secondly, upon the successful completion of the takeover, ADNOC Germany will subscribe to 18.9 million new shares in Covestro, equivalent to 10% of the company’s current share capital, through a capital increase. This will be carried out with a cash consideration and will exclude subscription rights for any remaining minority shareholders of Covestro.
ADNOC, a prominent energy and petrochemicals group, operates across the entire hydrocarbon value chain, engaging in exploration, production, refining, and the development of petrochemical products. Covestro, on the other hand, is a leading chemical manufacturer specializing in high-performance polymer materials and solutions, with a focus on performance materials and specialty solutions in various industries.
