XRG Obtains Full Approvals for Covestro AG Acquisition

XRG has received all necessary approvals to proceed with its acquisition of Covestro AG. The green lights from the EU Foreign Subsidies Regulation and Germany's FDI regime enable XRG, through its subsidiary ADNOC International Germany Holding AG, to expand its global chemicals footprint. This move aligns with XRG's strategy to be a top three chemicals investor globally.

The acquisition marks a new phase of collaboration with Covestro's management, enhancing XRG’s portfolio with Covestro’s technology and expertise. XRG's President of Global Chemicals, Dr. Rainer Seele, emphasized the focus on long-term partnership and value creation with Covestro, recognizing its potential to drive innovation and sustainability.

Covestro, based in Germany, is renowned for its high-performance polymer materials, operating 46 production sites and employing 17,500 people globally. It will maintain its headquarters and management under XRG's ownership. The transaction aims to strengthen XRG's position in the chemicals sector and capitalize on growth trends.