Covestro A.G. and Abu Dhabi National Oil Co. (ADNOC) have started talks on a potential acquisition of the German firm.
"The board of management of Covestro A.G. has today decided, in view of the interest in Covestro expressed by (ADNOC), to enter into open-ended discussions," officials with Covestro of Leverkeusen, Germany, said in a Sept. 8 news release.
Those discussions by Covestro's board "will in particular also address the safeguarding of the further implementation of its future- and sustainability-oriented corporate strategy."
"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," CEO Markus Steilemann said. "Beyond current headwinds in our industry, we are optimally positioned to unlock significant long-term value in highly attractive industries."
He added that regardless of the talks with ADNOC, Covestro "will remain fully focused on pursuing our successful sustainable future strategy in order to unfold our full potential."