Covestro AG Enters Concrete Negotiations with Adnoc

Covestro AG has announced that it has entered into concrete negotiations with Abu Dhabi National Oil Company (Adnoc) regarding a potential transaction. This decision was made by Covestro's Board of Management after consultation with its Supervisory Board. The discussions will include the potential conclusion of an investment agreement and exchange of company information for confirmatory due diligence.

The starting point for the negotiations is Adnoc’s indicated offer price of €62 per Covestro share. This offer is subject to the results of the due diligence and agreement on the investment terms. The negotiations will focus on mutual commercial and legal transaction parameters.

Both parties aim to proceed with the negotiations promptly, although there is no certainty whether these will lead to an agreement. Any potential transaction would also require approval from the respective boards and clearance by competent authorities.