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Covestro names new chair after takeover by Abu Dhabi’s XRG

5 January 2026

German chemicals producer Covestro has announced that its supervisory board has elected Rainer Seele, president of chemicals at Abu Dhabi’s XRG, as its chair, following the resignation of Richard Pott.

The leadership change, which took effect on 20 December, follows the acquisition of 95.1% of shares in Covestro by XRG – the international investment vehicle of Abu Dhabi National Oil Company (Adnoc) – in early December.

Upon completion of the transaction, Adnoc International Germany Holding, a wholly owned indirect subsidiary of XRG, holds an 83.43% stake in Covestro, while XRG holds an 11.68% stake.

Adnoc submitted a €14.7bn ($16.3bn) takeover proposal for Covestro in October 2024. XRG, which was formed in November of that year, said a month later that it would become the majority shareholder of Covestro, after the Leverkusen-based company’s shareholders accepted a takeover offer.

The European Commission scrutinised the proposal under its foreign subsidies rules, and in September last year, regulators sought additional information from Adnoc. A month later, XRG submitted new proposals to address the commission’s concerns.

On 10 December, XRG announced that it had completed its voluntary public takeover offer to the shareholders of Covestro. As part of the transaction, XRG completed a capital increase of €1.17bn to boost Covestro’s balance sheet under the new ownership structure.

Before becoming XRG chemicals president in 2025, Seele served as CEO of Austrian state-backed energy company OMV from 2015 to 2021. In March last year, Adnoc announced a larger agreement than the Covestro acquisition with OMV, under which the two companies agreed on the terms of a binding framework for a proposed combination of their shareholdings in Abu Dhabi’s Borouge and Austria-based chemicals producer Borealis.

Also, following XRG’s takeover, Covestro announced that its chief financial officer, Christian Baier, has decided to leave upon the expiry of his term in September 2026.

Covestro’s expertise lies in areas such as chemical recycling, with its portfolio comprising more than 10,000 speciality solutions, 46 production sites and 13 research and development centres.

Covestro’s operations support sectors such as mobility, construction, electronics and healthcare, which are key to the global economy and energy transition. The company’s products support the production of electric vehicles, wind turbine blades, semiconductors, smartphones and eyeglass lenses.

https://image.digitalinsightresearch.in/uploads/NewsArticle/15369739/main0814.jpg
Indrajit Sen

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    Indrajit Sen