News release: EQS Voting Rights Announcement Covestro AG

EQS Voting Rights Announcement: Covestro AG

Cologne, August 1, 2023

Publication in accordance with § 43 paragraph 1 sentence 1 WpHG with the intention of a public takeover offer by BAIN CAPITAL PRIVATE EQUITY, L.P. and BAIN CAPITAL EUROPE VI KEYSTONE, L.P., both Boston, U.S.A.

Cologne, July 31, 2023 – Covestro AG (“Covestro”) announces that BAIN CAPITAL PRIVATE EQUITY, L.P. and BAIN CAPITAL EUROPE VI KEYSTONE, L.P., both Boston, U.S.A. (together “Bain Capital”) notified Covestro on July 27, 2023 pursuant to § 33 WpHG that their voting rights in Covestro AG exceeded the threshold of 30% on July 15, 2023, and amounted to 31.40% on that day.

The voting rights were acquired by means of 24,069,642 shares in Covestro AG, representing 31.40% of the voting rights in Covestro AG. The shares were acquired from funds advised by The Blackstone Group Inc. and from funds advised by The Carlyle Group Inc. on the stock exchange.

According to the notification, Bain Capital intends to publicly offer to acquire all of the outstanding shares in Covestro AG against a cash consideration of EUR 59.00 per share (net of withholding tax) by means of a voluntary public takeover offer. The Management Board and Supervisory Board of Covestro AG will carefully review the takeover offer and will issue a reasoned statement, in particular on the strategic consequences of the offer for Covestro and its stakeholders, in accordance with the legal requirements. Shareholders of Covestro AG are advised not to take any action at this point in time.

Covestro AG is a world-leading producer of high-tech polymer materials and a pioneer in circular economy. With its innovative materials and solutions for products used in many areas of daily life, Covestro contributes to improving the quality of life of people around the world. The Covestro Group, with 2022 sales of EUR 18.1 billion, employs approximately 17,900 people at 50 production sites worldwide.