Covestro's Final Chapter on the Stock Exchange Set for May 2026

Covestro sets final delisting dates after Adnoc takeover. Shareholders to receive 59.46 euros per share, with trading ending in May 2026 as the company suspends its dividend.

The publicly traded journey of plastics manufacturer Covestro is nearing its conclusion. Following the acquisition of a controlling stake by the Abu Dhabi National Oil Company (Adnoc), a definitive schedule has now been established to remove the remaining minority shareholders from the stock market. This process will soon render the shares untradeable on regulated exchanges.

Operational Performance and Dividend Suspension

Financially, the company presents a challenging picture ahead of its delisting. For the full fiscal year 2025, Covestro reported a group sales decline of nearly nine percent, with revenue falling to 12.9 billion euros. The operational performance, measured by EBITDA, experienced a more severe contraction of approximately 31 percent during the same period, landing at 740 million euros. In light of these results and the ongoing integration into its new parent corporation, the company has suspended its dividend payment entirely.

The Delisting Mechanism and Timeline

The formal procedure to compel the exit of minority holders is now underway. XRG P.J.S.C., an Adnoc subsidiary and the majority shareholder, has submitted the official request for a statutory squeeze-out. This action sets the final parameters for Covestro's withdrawal from the Frankfurt Stock Exchange.

Key dates and figures in the process include:
* 59.46 euros: The cash compensation per share, as determined by an official valuation report.
* May 5, 2026: The anticipated final day of trading on the regulated market.
* May 19, 2026: The date set for an ordinary general meeting to formally ratify the delisting decision.

The market has already priced in this certainty. Recent closing prices, such as yesterday's at 59.64 euros, hover just marginally above the mandated compensation level. This effectively creates a price floor and ceiling, which has driven the stock's annualized volatility down to a mere 3.59 percent.

Conclusion of Trading and Share Transfer

Once the general meeting's resolution is entered into the commercial register, all outstanding shares will be legally transferred to Adnoc. Liquidity for the stock is expected to diminish significantly following its exit from the regulated market in early May. Trading will then cease completely upon the legal completion of the squeeze-out procedure.