Covestro and XRG Complete Transaction, Formalising Strategic Partnership

• The EUR 1.17 billion capital increase was successfully completed.

• Closing formally marks the start of the strategic partnership.

Covestro AG announced the successful completion of its strategic partnership with XRG P.J.S.C. (formerly ADNOC International Limited, together with its subsidiaries, hereinafter XRG’). The agreed-upon capital increase of EUR 1.17 billion was executed as planned, providing Covestro with additional resources to advance the implementation of its Sustainable Future strategy.

Dr. Markus Steilemann, CEO of Covestro, said: “With today’s closing of the transaction, we can now begin our joint journey with XRG. Together with XRG as a strong and long-term partner, we are well positioned to drive Covestro’s transformation and create long-term value for our customers, employees, and stakeholders worldwide.”

The closing of the transaction marks the official start of the partnership, building on all underlying agreements and prior regulatory clearances. 

Source: Covestro