Abu Dhabi National Oil Company (ADNOC) announced a takeover offer to the shareholders of Covestro AG. Covestro is listed on the regulated market of the Frankfurt Stock Exchange and is part of the DAX. The market capitalization of Covestro amounts to approximately EUR 11.7 billion.
Immediately prior to the announcement of the takeover offer, ADNOC entered into an investment agreement with Covestro that governs the key parameters of the takeover offer and future cooperation. Upon completion of the transaction, ADNOC is also expected to subscribe for a capital increase from authorized capital under exclusion of subscription rights, which will provide Covestro with additional funds in the amount of EUR 1.17 billion.
Perella Weinberg is acting as financial advisor of Covestro. Gleiss Lutz advises Perella Weinberg on various legal aspects in connection with the transaction.
Perella Weinberg is advised by the following team of Gleiss Lutz lawyers: Dr. Jochen Tyrolt (partner, lead), Dr. Christian Cascante (partner, both Stuttgart), Florian Schorn (Munich), Dr. Julius-Vincent Ritz (Stuttgart, all Corporate/M&A).
Gleiss Lutz has extensive expertise in public takeovers and is regularly involved in high-profile deals (both friendly and hostile) – advising buyers, targets or investment banks. A Gleiss Lutz team most recently advised e.g. Burda Digital SE on the delisting acquisition offer to the shareholders of New Work SE, which operates the business network XING, and SYNLAB AG in connection with the delisting acquisition offer of Cinven.
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