{{Short description|German chemical company}} {{Infobox company | name = Covestro AG | logo = Covestro Logo.svg | logo_size = 150px | type = ''Aktiengesellschaft'' | traded_as = {{plainlist| * {{FWB|1COV}} }} | predecessor = Bayer MaterialScience | successor = | founder = | defunct = | fate = | area_served = | key_people = Markus Steilemann (CEO) | industry = {{ubl|Chemicals|Materials}} | founded = {{start date and age|2015|9|1|df=yes}} | hq_location_city = Leverkusen, North Rhine-Westphalia | hq_location_country = Germany | genre = | products = | services = | revenue = {{increase}} {{€|18.0 billion|link=yes}} (2022)<ref name="AR2022">{{cite web |url=https://report.covestro.com/annual-report-2022/_assets/downloads/covestro-ar22-entire.pdf |title=Speeding Up to Circularity. Annual Report 2022. Covestro. |access-date= 3 August 2023}}</ref> | operating_income = {{decrease}} {{€|0.3 billion}} (2022)<ref name="AR2022" /> | net_income = {{decrease}} {{€|-0.3 billion}} (2022)<ref name="AR2022" /> | assets = {{decrease}} {{€|14.6 billion}} (2022)<ref name="AR2022" /> | equity = {{decrease}} {{€|7.1 billion}} (2022)<ref name="AR2022" /> | num_employees = 17,985 (2022)<ref name="AR2022" /> | parent = ADNOC | owner = XRG | subsidiaries = | footnotes = | website = {{URL|https://www.covestro.com/}} }} '''Covestro AG''' is a German company producing polyurethane and polycarbonate raw materials. Products include isocyanates and polyols for cellular foams, thermoplastic polyurethane and polycarbonate pellets, as well as polyurethane based additives used in the formulation of coatings and adhesives.<ref>{{Cite web |title=The three segments of our core business {{!}} Covestro |url=https://www.covestro.com/en/company/profile/segments |access-date=2021-03-19 |website=www.covestro.com |language=en}}</ref> It is a Bayer spin-off formed in the fall of 2015 and was formerly called '''Bayer MaterialScience'''.<ref name=WSJCovestro2015>Christopher Alessi for the Wall Street Journal. Sept. 1, 2015 [https://www.wsj.com/articles/bayer-separates-material-science-business-covestro-1441121859 Bayer Separates Material Science Business Covestro].</ref><ref>Joyce Gannon for the Pittsburgh Post-Gazette September 1, 2015 [http://www.post-gazette.com/business/healthcare-business/2015/09/01/Bayer-s-material-science-unit-now-under-Covestro-name-pittsburgh-robinson/stories/201509010151 Bayer MaterialScience assumes its new identity as Covestro].</ref>
The main industries served are automotive manufacturing and supply, electrical engineering and electronics, construction and home products, and sports and leisure. Their products include coatings and adhesives, polyurethanes that are used in thermal insulation, electrical housings, and as a component of footwear and mattresses, and polycarbonates such as Covestro's Makrolon, which are highly impact-resistant plastics.<ref name=WSJCovestro2015/> Covestro polyurethane was used in the 2014 official FIFA World Cup football.<ref>Justine Coyne for the Pittsburgh Business Times. Jun 12, 2014 [http://www.bizjournals.com/pittsburgh/blog/morning-edition/2014/06/bayer-gets-ball-rolling-at-world-cup.html Bayer gets ball rolling at World Cup]</ref> Before 2019, Covestro enjoyed rapid earnings growth following supply shortages of chemicals used in foams.<ref>Zuzanna Szymanska (July 24, 2019), [https://www.reuters.com/article/us-covestro-results/covestro-confirms-2019-outlook-despite-cooling-economy-idUSKCN1UJ0DD Covestro confirms 2019 outlook despite cooling economy] ''Reuters''.</ref>
Covestro shares were first offered on the Frankfurt Stock Exchange in October 2015.<ref>Sheenagh Matthews and Alex Webb for Bloomberg News. October 6, 2015 [https://www.bloomberg.com/news/articles/2015-10-06/covestro-jumps-on-first-day-of-trading-in-frankfurt-after-ipo Covestro Jumps on First Day of Trading in Frankfurt After IPO].</ref> Bayer sold its entire remaining stake in May 2018, Bayer's pension fund had a 6.8% stake managed separately.<ref>{{cite news |title=Bayer Boosts Finances With $2.6 Billion Covestro Stake Sale |url=https://www.bloomberg.com/news/articles/2018-05-03/bayer-sells-remaining-stake-in-covestro-3-years-after-its-ipo}}</ref>
In October 2024, Abu Dhabi National Oil Company (ADNOC) announced a deal to buy Covestro for €14.7 billion.<ref>{{Cite web |date=2 October 2024 |title=Abu Dhabi's ADNOC to buy German chemicals firm Covestro for $16 bln |url=https://www.reuters.com/business/energy/abu-dhabis-adnoc-buy-german-chemicals-company-covestro-164-bln-2024-10-01/ |access-date=2 October 2024 |website=Reuters}}</ref> In December 2025, it was announced that the transaction had been completed through XRG, a subsidiary of the Abu Dhabi state-owned company formerly known as ADNOC International.<ref>{{Cite web|url=https://www.polimericanews.com/articolo.asp?id=596|title=XRG completes acquisition of Covestro|work=Polimerica - Plastics & Rubber News|access-date=2025-12-12|language=en}}</ref><ref>{{Cite web|url=https://www.oilandgasmiddleeast.com/news/xrg-takeover-covestro-partnership|title=XRG Completes Takeover of Covestro in Strategic Partnership|work=Oil and Gas Middle East|access-date=2025-12-12|language=en}}</ref>
==Acquisition by ADNOC== In September 2023, Covestro reported that it was in talks with ADNOC for the latter to acquire it.<ref>{{Cite web |date=2023-09-08 |title=Covestro: Saudi-Arabiens Ölkonzern Adnoc könnte Chemiekonzern übernehmen |url=https://www.faz.net/aktuell/wirtschaft/covestro-saudi-arabiens-oelkonzern-adnoc-koennte-chemiekonzern-uebernehmen-19162008.html |access-date=2025-05-09 |website=FAZ.NET |language=de}}</ref>
Since the German firm announced it would support its takeover bid of €62 per share in October 2024, this meant that the Abu Dhabi-based company would buy Covestro for up to €16 billion.<ref>{{Cite web |title=Ölkonzern Adnoc aus den Emiraten schluckt Covestro – Marktkenner sind optimistisch |url=https://www.wiwo.de/unternehmen/industrie/kunststoffhersteller-oelkonzern-adnoc-aus-den-emiraten-schluckt-covestro-marktkenner-sind-optimistisch-/30018276.html |access-date=2025-05-09 |website=www.wiwo.de}}</ref><ref>{{Cite web |title=ADNOC to buy Covestro for $16.3 billion |url=https://cen.acs.org/business/mergers-&-acquisitions/ADNOC-buy-Covestro-163-billion/102/web/2024/10 |access-date=2025-05-09 |website=Chemical & Engineering News |language=en}}</ref> Furthermore, it was stated that the acquisition was expected to be completed in the second half of 2025.<ref>{{Cite web |last=Küfner |first=Thorsten |title=Covestro: Adnoc ist am Ziel |url=https://www.deraktionaer.de/artikel/aktien/covestro-adnoc-ist-am-ziel-20372141.html/ |access-date=2025-05-09 |website=www.deraktionaer.de |language=de-de}}</ref>
In November 2025, the EU competition regulator conditionally approved the acquisition after ADNOC offered to ensure the firm aligned with UAE insolvency law and to share Covestro's sustainability patents with some competitors.<ref>{{Cite web |last=Hancock |first=Edith |date=2025-11-14 |title=EU Conditionally Clears $13.7 Billion Adnoc-Covestro Deal |url=https://www.wsj.com/business/deals/eu-conditionally-clears-13-7-billion-adnoc-covestro-deal-19021332 |access-date=2025-11-14 |website=The Wall Street Journal |language=en-US}}</ref> A month later, the purchase was completed by ADNOC through XRG.
==See also== * Linde Group * BASF * Lanxess * Viverso
==References== {{Reflist|3}}
== External links == * {{Official website|https://www.covestro.com/}}
{{Authority control}} Category:Chemical companies of Germany Category:Chemical companies established in 2015 Category:Companies based in North Rhine-Westphalia Category:Companies listed on the Frankfurt Stock Exchange Category:Corporate spin-offs Category:Former Bayer subsidiaries Category:German companies established in 2015 Category:Materials science organizations Category:2015 initial public offerings Category:2025 mergers and acquisitions {{Germany-company-stub}}