Rainer Seele, president of chemicals at XRG PJSC, has assumed the role of chair of the supervisory board at Covestro AG following the resignation of Richard Pott.
The leadership change, which took effect December 20, follows Abu Dhabi National Oil Co PJSC’s (ADNOC) acquisition of Leverkusen, Germany-based polymers maker Covestro through its global investment arm XRG.
“I am convinced that the strategic partnership with XRG positions Covestro excellently for the future”, Pott said in an online statement issued by Covestro.
Covestro said, “Pott has played a pivotal role in shaping Covestro as chairman of the supervisory board since the company’s founding in 2015. During his more than 10-year tenure, he guided the company through critical development phases – from the separation from Bayer and the successful IPO to the recent strategic realignment with partner XRG”.
Seele said, “Together with the management board under the leadership of Dr Markus Steilemann and as part of the XRG family, we will continue to advance Covestro’s transformation, drive long-term value creation and unlock its full potential”.
Before becoming XRG chemicals president this year, Seele served as chief executive of Austrian state-backed energy company OMV AG from 2015 to 2021.
Earlier, following ADNOC’s takeover, Covestro announced its chief financial officer, Christian Baier, has decided to leave upon the expiry of his term September 2026.
Baier said in a statement released by Covestro December 18, “With the strategic partnership with XRG, the capital increase and the implementation phase of the company’s transformation, Covestro is well positioned for long-term and sustainable growth”.
On December 10, Covestro and XRG announced the consummation of their merger.
“The agreed capital increase of EUR 1.17 billion [$1.37 billion] was carried out as planned, providing Covestro with additional resources to support the implementation of its ‘Sustainable Future’ strategy”, said a joint statement.
The transaction had faced an “in-depth” investigation by the European Commission. The probe under the Foreign Subsidies Regulation aimed to protect competition in the European Union market.
To obtain the Commission’s consent, ADNOC agreed “to adapt its articles of association to ensure that they do not deviate from ordinary UAE insolvency law, thereby removing the unlimited state guarantee”, according to a statement by the European Union body on November 14.
ADNOC also agreed “to share Covestro’s patents in the area of sustainability with certain market participants at transparent terms and conditions set in advance”, the Commission added. “This commitment will benefit competitors that are particularly reliant on access to Covestro’s sustainability technology”.
The transaction involved a share acquisition offer of about EUR 11.7 billion or EUR 62 per Covestro share, according to Covestro’s announcement of the deal October 1, 2024.
To contact the author, email jov.onsat@rigzone.com
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