The Board of Management and the Supervisory Board of Covestro AG welcome and support the takeover offer by ADNOC International, Covestro said in a statement.

Both bodies regard ADNOC International as a strong and long-term oriented partner, with whom Covestro will be able to further drive its successful ‘Sustainable Future’ strategy.

It is the view of the Board of Management and the Supervisory Board that Covestro, with the strategic support of ADNOC International, will be able to build on an even stronger foundation for sustainable growth in highly attractive sectors and can therefore make an even greater contribution to the green transformation.

“We have thoroughly reviewed the offer document published by ADNOC International in accordance with our obligations under stock corporation law”, says Dr Markus Steilemann, CEO of Covestro. “Together with the Supervisory Board we have concluded that based on the broad commitments made by ADNOC International, a strategic partnership is the right step. We are also convinced that the partnership is in the best interest of Covestro, our shareholders, our employees and all other stakeholders of Covestro. We are pursuing a long-term growth strategy and will be able to execute on it even more consistently with the support of ADNOC International. We therefore support the offer and recommend our shareholders to accept it.”