Covestro AG confirms decision to enter into open-ended discussions with Adnoc

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The Board of Management of Covestro AG has immediately determined, in view of the curiosity in Covestro expressed by Abu Dhabi National Oil Company (Adnoc), to enter into open-ended discussions with Adnoc. Whether, through which kind and, if relevant, at which circumstances an settlement between the events might be reached is open and can rely on the course of the forthcoming discussions. During the discussions, Covestro’s Board of Management will particularly additionally deal with the safeguarding of the additional implementation of its future- and sustainability-oriented company technique, together with corresponding company governance provisions.

Dr. Markus Steilemann, Chief Executive Officer of Covestro, mentioned: “The curiosity of Adnoc in our firm underlines our robust place as one of many world’s main producers of high-quality polymer supplies and as a frontrunner within the shift in direction of a round financial system. Beyond present headwinds in our trade, we’re optimally positioned to unlock vital long-term worth in extremely engaging industries underpinned by robust secular progress tendencies. Regardless of the talks with Adnoc, we are going to stay totally targeted on pursuing our profitable “Sustainable Future” technique so as to unfold our full potential and additional drive the transformation in direction of the round financial system.”

Any settlement would, as well as to mutual consent on the business and authorized transaction parameters, require the approval of the respective boards of the events and the approval of the competent authorities.

Covestro presently doesn’t intend to touch upon this matter any additional until and till modified circumstances or occasions require publication by Covestro to comply with relevant disclosure guidelines.

Mansi Praharaj

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