Abu Dhabi’s XRG subsidiary announced on 10 December that it has completed its takeover of German chemicals company Covestro. The transaction had secured final regulatory approvals on 21 November (MEES, 21 November).
XRG says that the purchase will support its ambition of becoming a top three global chemicals investor and that it will work in close partnership with the company’s management to unlock its full long-term potential. As part of the transaction, XRG is completing a €1.17bn capital increase in order to strengthen Covestro’s balance sheet and support its “Sustainable Future” strategy (MEES, 4 October 2024). (CONTINUED - 128 WORDS)