UAE's Largest Oil Company Enters The European Market
2- 24.11.2025, 10:54
- 3,620
The deal will be closed in the coming days.
The German Ministry of Economy and Energy has granted final approval for the purchase of German chemical company Covestro (formerly Bayer MaterialScience) by Abu Dhabi's state-owned oil and gas company ADNOC (now XRG PJSC).
This is stated on Covestro's website. Covestro said all closing conditions have been met. The deal is expected to close in the coming days.
"With this important achievement, Covestro and XRG will begin a collaborative journey to transform the chemical industry through innovation, cyclicality, digital transformation and strengthening leadership in high-growth sectors," it said in a statement.
The German Ministry of Economic Affairs and Energy has granted final approval for the acquisition of German chemical company Covestro (formerly Bayer MaterialScience) by Abu Dhabi's state-owned oil and gas company ADNOC (now XRG PJSC). This is stated on Covestro's website.
Covestro said that all closing conditions have been met. The deal is expected to close in the coming days.
According to Reuters, the UAE-based company has promised to keep Covestro's valuable developments and intellectual property in Europe. The companies have received conditional approval from the EU for the deal, which is valued at $14.7 billion.
The purchase gives ADNOC access to advanced chemical technologies. Covestro produces specialty materials used by the world's leading brands in automobiles and smartphones.
Covestro said it will launch a €1.17 billion capital increase after the deal closes to make strategic investments and further implement its sustainability program.
Bank's name: Bank Millennium S.A.
Address: ul. Stanislawa Zaryna, 2A, 02-593, Warszawa
IBAN: PL97116022020000000216711123
SWIFT: BIGBPLPW
Name of the account holder: Fundacja “KARTA ‘97”
Purpose/title of payment: Donation for statuary aims
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