ADNOC International Limited (ADNOC International) announced in a statement that it has entered into an investment agreement with Covestro AG (Covestro), one of the world's leading chemical players.
Publish dateWednesday 2 October 2024 - 10:56
According to Amac News: ADNOC International's statement states that according to this agreement, it has submitted a public voluntary purchase offer to all shareholders with a cash consideration of 254 dirhams.
Covestro is an industry pioneer and a global leader in the high-tech chemicals space, with a portfolio of cutting-edge technologies and a wide range of products that support decarbonization and the circular economy.
Serving more than 8,500 international business customers worldwide, the company has 48 manufacturing sites worldwide and 13 research and development (R&D) centers.
Offering more than 10,700 specialty solutions globally, Covestro designs and manufactures advanced specialty products used in semiconductors.
The agreement marks a shift in ADNOC's international growth strategy as the company pursues its international expansion with a focus on gas, LNG, chemicals and low-carbon energies, in line with the strategy set by its board of directors.
Subject to the successful completion of the transaction, the acquisition supports ADNOC's goal of becoming a top five global chemicals player.
Covestro's specialty chemicals business complements ADNOC's ambitious chemicals growth strategy and aligns with the UAE's commitment to global leadership in advanced technologies.
Covestro will become the foundational platform for ADNOC's functional materials and specialty chemicals business, further diversifying ADNOC's chemicals portfolio.
The statement said that petrochemical demand is expected to increase by 2 percent between 2024 and 2050.
Covestro is an industry pioneer and a global leader in the high-tech chemicals space, with a portfolio of cutting-edge technologies and a wide range of products that support decarbonization and the circular economy.
Serving more than 8,500 international business customers worldwide, the company has 48 manufacturing sites worldwide and 13 research and development (R&D) centers.
Offering more than 10,700 specialty solutions globally, Covestro designs and manufactures advanced specialty products used in semiconductors.
The agreement marks a shift in ADNOC's international growth strategy as the company pursues its international expansion with a focus on gas, LNG, chemicals and low-carbon energies, in line with the strategy set by its board of directors.
Subject to the successful completion of the transaction, the acquisition supports ADNOC's goal of becoming a top five global chemicals player.
Covestro's specialty chemicals business complements ADNOC's ambitious chemicals growth strategy and aligns with the UAE's commitment to global leadership in advanced technologies.
Covestro will become the foundational platform for ADNOC's functional materials and specialty chemicals business, further diversifying ADNOC's chemicals portfolio.
The statement said that petrochemical demand is expected to increase by 2 percent between 2024 and 2050.
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Source : news agency wam
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