UAE energy giant gets green light for $16B takeover of German firm Covestro
ADNOC agreed in October to buy Covestro for 14.7 billion euros (then around $16.3 billion), including its debt, in its biggest-ever takeover.
XRG, the international investment and low-carbon energy arm of Abu Dhabi National Oil Company, announced Thursday it will become the new majority shareholder in Covestro after the German chemicals manufacturer approved its takeover offer.
Covestro makes plastics and chemicals for the automotive, construction and engineering sectors.
ADNOC agreed in October to buy Covestro for 14.7 billion euros (then around $16.3 billion), including debt, in its biggest-ever takeover.
XRG bought 91.32% of the total outstanding shares in Covestro, the UAE-based firm said in a statement published on the Emirates News Agency (WAM).
