XRG finalizes takeover of Covestro for €1.17 billion

Pittsburg, PA – Covestro AG announced the successful closing of its strategic partnership with XRG P.J.S.C. The agreed capital increase of EUR 1.17 billion was carried out as planned, providing Covestro with additional resources to support 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.

XRG is an international investment company with an enterprise value of $150 billion, investing across natural gas, chemicals and scalable energy solutions that power AI and industry globally. Headquartered in Abu Dhabi and wholly owned by ADNOC, XRG’s portfolio includes operating and non-operating interests in assets and companies that are meeting the rapidly increasing global demand for energy and the chemicals that are essential for sustainable economic growth.