Rainer Seele, president of chemical compounds at XRG PJSC, has assumed the function of chair of the supervisory board at Covestro AG following the resignation of Richard Pott.
The management change, which took impact December 20, follows Abu Dhabi Nationwide Oil Co PJSC’s (ADNOC) acquisition of Leverkusen, Germany-based polymers maker Covestro via its international funding arm XRG.
“I’m satisfied that the strategic partnership with XRG positions Covestro excellently for the longer term”, Pott stated in a web-based assertion issued by Covestro.
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Covestro stated, “Pott has performed a pivotal function in shaping Covestro as chairman of the supervisory board because the firm’s founding in 2015. Throughout his greater than 10-year tenure, he guided the corporate via important growth phases – from the separation from Bayer and the profitable IPO to the current strategic realignment with companion XRG”.
Seele stated, “Along with the administration board below the management of Dr Markus Steilemann and as a part of the XRG household, we’ll proceed to advance Covestro’s transformation, drive long-term worth creation and unlock its full potential”.
Earlier than changing into XRG chemical compounds president this yr, Seele served as chief govt of Austrian state-backed vitality firm OMV AG from 2015 to 2021.
Earlier, following ADNOC’s takeover, Covestro introduced its chief monetary officer, Christian Baier, has determined to go away upon the expiry of his time period September 2026.
Baier stated in a press release launched by Covestro December 18, “With the strategic partnership with XRG, the capital improve and the implementation section of the corporate’s transformation, Covestro is effectively positioned for long-term and sustainable progress”.
On December 10, Covestro and XRG introduced the consummation of their merger.
“The agreed capital improve of EUR 1.17 billion [$1.37 billion] was carried out as deliberate, offering Covestro with further sources to help the implementation of its ‘Sustainable Future’ technique”, stated a joint assertion.
The transaction had confronted an “in-depth” investigation by the European Fee. The probe below the Overseas Subsidies Regulation aimed to guard competitors within the European Union market.
To acquire the Fee’s consent, ADNOC agreed “to adapt its articles of affiliation to make sure that they don’t deviate from extraordinary UAE insolvency regulation, thereby eradicating the limitless state assure”, in keeping with a press release by the European Union physique on November 14.
ADNOC additionally agreed “to share Covestro’s patents within the space of sustainability with sure market contributors at clear phrases and circumstances set prematurely”, the Fee added. “This dedication will profit rivals which might be notably reliant on entry to Covestro’s sustainability expertise”.
The transaction concerned a share acquisition provide of about EUR 11.7 billion or EUR 62 per Covestro share, in keeping with Covestro’s announcement of the deal October 1, 2024.
To contact the creator, e mail jov.onsat@rigzone.com
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