Adnoc’s global energy investment arm XRG announced on Thursday that it would become the majority shareholder of Covestro, after the German chemicals company’s shareholders accepted a takeover offer.
Shares tendered and already bought by XRG amount to 91.32 per cent of Covestro's total outstanding shares, XRG said in a statement on Thursday. The deal, which is expected to close in the second half of 2025, is subject to further regulatory approvals, the company added.
In October, XRG, which was called Adnoc International at the time, agreed to buy Covestro for an enterprise value of €14.7 billion ($15.3 billion). “Today’s significant milestone marks the first major transformational investment for XRG in chemicals, accelerating our ambition to become a top five global chemicals player,” said Dr Sultan Al Jaber, executive chairman of XRG and Adnoc’s chief executive.
Adnoc's acquisition of Covestro is the UAE's largest cross-border deal and the biggest foreign direct investment into Germany in the past five years. Leverkusen-based Covestro is one of the world’s largest manufacturers of high-quality polymer materials and their components. It reported earnings before interest, taxes, depreciation and amortisation of €287 million in the third quarter of this year, which was up nearly 4 per cent from the same period a year in 2023.
However, the company reduced its full-year 2024 earnings forecast for the second time this year, citing challenging economic conditions. Covestro now expects earnings before interest, taxes, depreciation and amortisation to be in the range of €1 billion and €1.25 billion, down from its previous forecast of €1.0 billion to €1.4 billion.
“Covestro lies at the heart of XRG’s growth plans and complements its decarbonisation and advanced technologies leadership goals,” XRG said. European chemical companies such as Covestro saw their profit margins squeezed by elevated natural gas prices triggered by the Russia-Ukraine war.
This year, Adnoc increased its shareholdings in Borealis and Borouge – joint ventures with OMV – by acquiring a 24.9 per cent stake in the Austrian energy company. In July, a consortium comprising Borouge, Adnoc and Borealis signed an agreement with Chinese companies to set up a polyolefins complex in Fujian Province, which will have a capacity of 1.6 million tonnes a year.
By 2030, the petrochemical industry’s global market value is expected to exceed $1 trillion, from $584.5 billion in 2022, according to Statista. China, the world’s second-largest economy, plans to add capacity of 134 million tonnes per year, dominating the market in the medium term, the data portal said.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
match info
Southampton 0
Arsenal 2 (Nketiah 20', Willock 87')
Red card: Jack Stephens (Southampton)
Man of the match: Rob Holding (Arsenal)
more from Janine di Giovanni
The biog
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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%3Cp%3E%3Cbr%3E%3Cstrong%3EUFC%20112%3A%3C%2Fstrong%3E%20Invincible%20(April%2010%2C%202010)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%20%3C%2Fstrong%3ENogueira%20v%20Nelson%20(April%2011%2C%202014)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20242%3A%3C%2Fstrong%3E%20Khabib%20v%20Poirier%20(September%207%2C%202019)%3Cbr%3E%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EFight%20Island%201%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20251%3A%3C%2Fstrong%3E%20Usman%20v%20Masvidal%20(July%2012%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20on%20ESPN%3A%3C%2Fstrong%3E%20Kattar%20v%20Ige%20(July%2016%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%20%3C%2Fstrong%3EFigueiredo%20v%20Benavidez%202%20(July%2019%2C%202020)%3Cbr%3E%3Cbr%3EUFC%20on%20ESPN%3A%20Whittaker%20v%20Till%20(July%2026%2C%202020)%3Cbr%3E%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EFight%20Island%202%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20253%3A%20%3C%2Fstrong%3EAdesanya%20v%20Costa%20(September%2027%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20on%20ESPN%3A%3C%2Fstrong%3E%20Holm%20v%20Aldana%20(October%204%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%3C%2Fstrong%3E%20Moraes%20v%20Sandhagen%20(October%2011%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%3C%2Fstrong%3E%20Ortega%20v%20Korean%20Zombie%20(October%2018%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20254%3A%20%3C%2Fstrong%3EKhabib%20v%20Gaethje%20(October%2024%2C%202020)%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cstrong%3EFight%20Island%203%3Cbr%3E%3Cbr%3EUFC%20on%20ABC%3A%3C%2Fstrong%3E%20Holloway%20v%20Kattar%20(January%2016%2C%202021)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20on%20ESPN%3A%3C%2Fstrong%3E%20Chiesa%20v%20Magny%20(January%2020%2C%202021)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20257%3A%20%3C%2Fstrong%3EPoirier%20v%20McGregor%202%20(January%2024%2C%202021)%3Cbr%3E%3Cbr%3E%20%3Cbr%3E%3Cbr%3EUFC%20267%3A%20Blachowicz%20v%20Teixeira%20(October%2030%2C%202021)%3Cbr%3E%3Cbr%3EUFC%20280%3A%20Oliveira%20v%20Makhachev%20(October%2022%2C%202022)%3C%2Fp%3E%0A
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
Mobile phone packages comparison
Copa del Rey
Barcelona v Real Madrid
Semi-final, first leg
Wednesday (midnight UAE)
Sri Lanka squad for tri-nation series
Angelo Mathews (c), Upul Tharanga, Danushka Gunathilaka, Kusal Mendis, Dinesh Chandimal, Kusal Janith Perera, Thisara Perera, Asela Gunaratne, Niroshan Dickwella, Suranga Lakmal, Nuwan Pradeep, Dushmantha Chameera, Shehan Madushanka, Akila Dananjaya, Lakshan Sandakan and Wanidu Hasaranga
Five%20calorie-packed%20Ramadan%20drinks
%3Cp%3E%3Cstrong%3ERooh%20Afza%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20contains%20414%20calories%0D%3Cbr%3E%3Cstrong%3ETang%20orange%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20300%20calories%0D%3Cbr%3E%3Cstrong%3ECarob%20beverage%20mix%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20about%20300%20calories%0D%3Cbr%3E%3Cstrong%3EQamar%20Al%20Din%20apricot%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20saving%20contains%2061%20calories%0D%3Cbr%3E%3Cstrong%3EVimto%20fruit%20squash%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%2030%20calories%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
Killing of Qassem Suleimani
