Covestro AG / DE0006062144

Covestro AG: Covestro AG enters into concrete negotiations with Adnoc regarding a potential transaction

EQS-Ad-hoc: Covestro AG / Key word(s): Mergers & Acquisitions


24-Jun-2024 / 11:28 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Based on the open-ended talks held so far with Abu Dhabi National Oil Company (“Adnoc“) the Board of Management of Covestro AG ("Covestro") after consultation with the Supervisory Board has today decided to enter into concrete negotiations with Adnoc on a potential transaction and the potential conclusion of an investment agreement as well as to allow for an adequate exchange of company information to confirm assumptions (confirmatory due diligence).

In the view of the Board of Management, the discussions so far have shown that Covestro and Adnoc can generally reach a common understanding regarding core aspects of a possible transaction including support for Covestro’s further growth strategy.

Starting point for the negotiations is a possible offer price of € 62 per Covestro share that Adnoc has indicated to Covestro, which is subject, among other things, to the results of the confirmatory due diligence and agreement on the content of an investment agreement.

Adnoc and Covestro both intend to proceed with the negotiations about a potential transaction and the confirmatory due diligence in a timely manner. At this time, there is no certainty whether the upcoming negotiations will lead to an agreement. There is also no certainty as to the final terms of any such agreement.

Any potential transaction would, in addition to mutual agreement on the commercial and legal transaction parameters, among other things, be subject to the approval of the respective boards of the parties and clearance by the competent authorities.



Contact:
Ronald Köhler
Head of Investor Relations
Phone: [phone]
E-mail: [e-mail]

Carsten Intveen
Phone: [phone]
E-mail: [e-mail]

Marc Schütze
Phone: [phone]
E-mail: [e-mail]

End of Inside Information

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24-Jun-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

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Language:	English
Company:	Covestro AG
	Kaiser-Wilhelm-Allee 60
	51373 Leverkusen
	Germany
Phone:	[phone]
Fax:	[phone]
E-mail:	[e-mail]
Internet:	www.covestro.com
ISIN:	DE0006062144
WKN:	606214
Indices:	DAX
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1931575

End of Announcement	EQS News Service

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1931575  24-Jun-2024 CET/CEST