ÃÜÌÒAV confirms decision to enter into open-ended discussions with Adnoc
The Board of Management of ÃÜÌÒAV has today decided, in view of the interest in ÃÜÌÒAV expressed by Abu Dhabi National Oil ÃÜÌÒAV (Adnoc), to enter into open-ended discussions with Adnoc. Whether, in which form and, if applicable, at which conditions an agreement between the parties will be reached is open and will depend on the course of the forthcoming discussions. During the discussions, ÃÜÌÒAV¡¯s Board of Management will in particular also address the safeguarding of the further implementation of its future- and sustainability-oriented corporate strategy, including corresponding corporate governance provisions.
Dr. Markus Steilemann, Chief Executive Officer of ÃÜÌÒAV, said: ¡°The interest of Adnoc in our company underlines our strong position as one of the world¡¯s leading manufacturers of high-quality polymer materials and as a leader in the shift towards a circular economy. Beyond current headwinds in our industry, we are optimally positioned to unlock significant long-term value in highly attractive industries underpinned by strong secular growth trends. Regardless of the talks with Adnoc, we will remain fully focused on pursuing our successful ¡°Sustainable Future¡± strategy in order to unfold our full potential and further drive the transformation towards the circular economy.¡±
Any agreement would, in addition to mutual consent on the commercial and legal transaction parameters, require the approval of the respective boards of the parties and the approval of the competent authorities.
ÃÜÌÒAV presently does not intend to comment on this matter any further unless and until changed circumstances or events require publication by ÃÜÌÒAV to comply with applicable disclosure rules.
About ÃÜÌÒAV:
ÃÜÌÒAV is one of the world¡¯s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. ÃÜÌÒAV supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from ÃÜÌÒAV are also used in sectors such as sports and leisure, telecommunications and health, as well as in the chemical industry itself.
The company is geared completely to the circular economy. In addition, ÃÜÌÒAV aims to achieve climate neutrality for its Scope 1 and Scope 2 emissions by 2035, and the Group¡¯s Scope 3 emissions are also set to be climate neutral by 2050. ÃÜÌÒAV generated sales of EUR 14.2 billion in fiscal year 2024. At the end of 2024, the company had 46 production sites worldwide and employed approximately 17,500 people (calculated as full-time equivalents).
Forward-Looking Statements
This news release may contain forward-looking statements based on current assumptions and forecasts made by ÃÜÌÒAV. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in ÃÜÌÒAV¡¯s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.