XRG Completes Acquisition of Covestro AG

ADNOC International Germany Holding AG, a wholly-owned indirect subsidiary of XRG P.J.S.C. (“XRG”), today completed its voluntary public takeover offer to the shareholders of Covestro AG (“Covestro”), a world-leading manufacturer of high-quality polymer materials.

Covestro will accelerate XRG’s global position in the chemicals sector and support XRG’s ambition to become a top three global chemicals investor. XRG will work in close partnership with Covestro’s management to unlock the company’s full long-term potential.

As part of the transaction, XRG is completing a capital increase of €1.17 billion to strengthen Covestro’s balance sheet under the new ownership structure.