According to Amac News: At the end of the additional acceptance period on December 16, 2024, the total shares offered and purchased by XRG amounted to approximately 91.32% of the total outstanding shares of Covestro.
Subject to regulatory approvals, XRG will become the new majority shareholder of Covestro AG, a global leader in the production of high-quality polymeric materials.
The announcement is a significant milestone in XRG’s ambitious growth strategy to become one of the top five global chemicals companies.
In a joint statement issued on November 7, 2024, Covestro’s board of directors and supervisory board recommended the acquisition offer to shareholders.
Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and CEO of XRG, expressed his pleasure at the overwhelming majority of Covestro shareholders’ acceptance of the partnership’s offer, saying that this important milestone marks XRG’s first major transformational investment in chemicals and will help accelerate the company’s goal of becoming a top five global chemical company.
He added that XRG, as a strategic and long-term investor, is fully committed to Covestro’s “Sustainable Future” strategy and looks forward to working with Covestro’s management team and employees to create new value for all stakeholders.
The success of the acquisition proposal is still subject to further regulatory conditions, including merger control, foreign investment control and EU foreign subsidy regulation approvals, and the transaction is expected to close in the second half of 2025.
The main objective of the transaction is to strengthen Covestro's position as a leading producer of high-quality polymer materials in both the "performance materials" and "solutions and specialties" segments, it said.