Pittsburgh-based Covestro nears merger with XRG as regulators approve $18B deal

PITTSBURGH — The pending merger of Covestro LLC and XRG, the investment company of Abu Dhabi National Oil Co. (ADNOC), won’t have an impact on the strategy or direction of the German polymers manufacturer’s North American division, which is based in Pittsburgh.

The partnership between Covestro and XRG received final regulatory approval from German regulators and the closing is expected within the next several days. XRG and Covestro, the former Bayer AG company, received permission from the European Commission and the German Federal Ministry of Economic Affairs and Energy in recent days.

The acquisition, announced in fall 2024, calls for an $18 billion purchase price that includes $68-a-share and an investment of about $1.18 billion back into Covestro’s operations.

Click here to read more from our partners at the Pittsburgh Business Times.

Download the FREE WPXI News app for breaking news alerts.

Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW