Covestro AG
About Covestro AG
Covestro AG is a German stock corporation (Aktiengesellschaft) recorded in the commercial register (Handelsregister) of the Amtsgericht Köln under HRB 85281, with its registered office at Kaiser-Wilhelm-Allee 60, 51373 Leverkusen, Germany. Public register sources (https://www.online-handelsregister.de/handelsregisterauszug/nw/Koeln/HRB/85281/Covestro-AG and https://www.northdata.com/Covestro+AG,+Leverkusen/Amtsgericht+K%C3%B6ln+HRB+85281) indicate the entity was founded and first entered in the register on 24 August 2015, consistent with the appointment dates of several Covestro officers on record. The incorporation date of 1 January 2025 held in this profile’s underlying registry field is a placeholder and is not corroborated by any commercial-register or company source; it should not be treated as the company’s founding date. The current registry status is recorded as Active.
Covestro AG was carved out of Bayer AG’s polymers business ahead of a Frankfurt Stock Exchange listing completed in October 2015. It is one of the world’s larger producers of high-performance polymer materials, developing and manufacturing polyurethanes, polycarbonates, coating resins, adhesive raw materials and specialty chemical intermediates. Its products are used mainly in the automotive, construction, electronics, furniture and wood, textiles, coatings and adhesives, and healthcare industries. According to Covestro’s own group reporting, production, R&D and sales activities are carried out through subsidiaries in roughly 30 countries across Europe, the Americas and Asia-Pacific, with major production sites in Germany (including Leverkusen, Dormagen and Brunsbüttel), the United States and China.
Covestro AG shares (ISIN DE0006062144) were admitted to trading on the regulated market of the Frankfurt Stock Exchange in 2015 and were a DAX constituent until 27 December 2024, when the index operator removed the stock after a public takeover offer reduced its free float below the index’s minimum threshold (https://www.eurex.com/ex-en/rules-regs/corporate-actions/corporate-action-information/Covestro-AG-Takeover-Updated-24-November-2025–4012686). That takeover, and the subsequent squeeze-out of remaining minority shareholders approved at the company’s Annual General Meeting on 19 May 2026, are the most significant recent developments affecting Covestro AG’s listing status; the change-of-control transaction itself, its acquirer and the resulting ownership structure are described in the dedicated Shareholders and Group Structure sections of this profile rather than here. As a direct consequence, Covestro shares ceased normal trading on the Frankfurt Stock Exchange’s regulated market around early May 2026 and, as of the most recent dated reporting reviewed (23 May 2026), traded only thinly on the Frankfurt exchange near the statutory cash-compensation level pending formal completion of the squeeze-out.
This description does not restate every field already shown in the company information card above. Company-level or consolidated financial results, revenue and employee-count figures for a specific reporting year were not independently verified from a primary filing at the time of writing and are therefore omitted rather than estimated.
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- Firmographics — websites, social profiles, revenue and employee estimates
Shareholders
1
Shareholders of Covestro AG
The shareholder record stored in this profile shows a single disclosed holder, Bayer Aktiengesellschaft, at 100% of 140,000,000 ordinary shares, with a “verified at” timestamp of 4 September 2026. This record is outdated and does not reflect Covestro AG’s current ownership: Bayer AG fully divested its remaining Covestro shareholding through a series of placements completed by 2019, several years before the date on this record. It appears to be a legacy snapshot from around Covestro’s 2015 carve-out from Bayer that was not refreshed, and it should not be relied upon for current ownership or control.
Current, verifiable ownership information instead comes from Covestro’s own official disclosures on the ADNOC/XRG transaction. XRG P.J.S.C. (Abu Dhabi, UAE), the international investment arm of the Abu Dhabi National Oil Company (ADNOC), acquired control of Covestro AG through a voluntary public takeover offer made via its subsidiary ADNOC International Germany Holding AG. The takeover’s initial offer period closed with an acceptance ratio of 81.77%; combined with XRG’s pre-existing 9.81% stake, this took free float below the DAX’s minimum threshold, and Covestro was removed from the DAX on 27 December 2024. The transaction was completed on 10 December 2025, when Covestro carried out a EUR 1.17 billion capital increase subscribed by the acquirer, bringing XRG’s stake to approximately 95.1% of the enlarged share capital (around 197.7 million shares) (https://www.covestro.com/press/covestro-and-xrg-commence-strategic-partnership-transaction-successfully-closed/). At Covestro’s Annual General Meeting on 19 May 2026, shareholders holding 96.16% of represented capital approved a statutory squeeze-out transferring all remaining minority shares to XRG, with cash compensation set at EUR 59.46 per share based on a valuation opinion by PricewaterhouseCoopers GmbH (https://www.covestro.com/press/xrg-pjsc-abu-dhabi-united-arab-emirates-submits-formal-squeeze-out-request-and-sets-the-cash-compensation-for-the-transfer-of-the-shares-held-by-minority-shareholders-of-covestro-ag-at-eur-5946-per-share/). Under German stock corporation law, that squeeze-out only becomes legally effective once entered in the commercial register; the most recent dated reporting reviewed (23 May 2026) indicated this entry had not yet occurred, so a small minority free float may still formally exist as of that date.
Ultimate beneficial ownership
Based on the above, effective control of Covestro AG passed to XRG P.J.S.C. on 10 December 2025, held through the intermediate German holding company ADNOC International Germany Holding AG. Commercial-register data reviewed on 16 December 2025 identifies the “Government of Abu Dhabi” as the ultimate parent in this chain (https://www.northdata.com/Covestro+AG,+Leverkusen/Amtsgericht+K%C3%B6ln+HRB+85281), consistent with XRG’s status as ADNOC’s international investment vehicle and ADNOC’s state ownership. No source reviewed discloses the precise intermediate ownership percentages between XRG P.J.S.C. and the Emirate/Government of Abu Dhabi, so a single calculated effective percentage for that final link cannot be produced; only the ~95.1%–96.16% share-capital stake reported at the XRG P.J.S.C. level is a directly sourced figure. This should be read as a controlling shareholder and beneficial-ownership chain leading to the Government of Abu Dhabi, not as a fully quantified indirect percentage.
Data availability
Shareholder disclosure for Covestro AG is best described as partial and transitional: the profile’s stored register entry is stale (pre-2019), while primary source coverage of the 2024–2026 change of control is strong for the controlling stake (XRG/ADNOC International Germany Holding AG) but does not itemise any remaining minority holders individually, consistent with German disclosure practice for companies nearing a squeeze-out.
Sources
- Covestro AG, “Covestro and XRG Launch Strategic Partnership – Transaction Successfully Closed”, 10 December 2025, retrieved 25 September 2026: https://www.covestro.com/press/covestro-and-xrg-commence-strategic-partnership-transaction-successfully-closed/
- Covestro AG, “XRG P.J.S.C. submits formal squeeze-out request and sets the cash compensation… at EUR 59.46 per share”, 2026, retrieved 25 September 2026: https://www.covestro.com/press/xrg-pjsc-abu-dhabi-united-arab-emirates-submits-formal-squeeze-out-request-and-sets-the-cash-compensation-for-the-transfer-of-the-shares-held-by-minority-shareholders-of-covestro-ag-at-eur-5946-per-share/
- Eurex, “Covestro AG: Takeover (Updated 24 November 2025)”, retrieved 25 September 2026: https://www.eurex.com/ex-en/rules-regs/corporate-actions/corporate-action-information/Covestro-AG-Takeover-Updated-24-November-2025–4012686
- Northdata, Covestro AG, HRB 85281 register extract, filing dated 16 December 2025, retrieved 25 September 2026: https://www.northdata.com/Covestro+AG,+Leverkusen/Amtsgericht+K%C3%B6ln+HRB+85281
- ad-hoc-news.de, “Covestro’s Final Act: Squeeze-Out Locks Stock Near Compensation Level as Legal Challenges Loom”, 23 May 2026, retrieved 25 September 2026: https://www.ad-hoc-news.de/boerse/news/ueberblick/covestro-s-final-act-squeeze-out-locks-stock-near-compensation-level-as/69404535
| Shareholder | Type | Holding | Source Document |
|---|---|---|---|
| Bayer Aktiengesellschaft | 100% | Handelsregister (Commercial Register) |
Officers
48
Directors and officers of Covestro AG
The underlying officer register for Covestro AG contains 48 entries, of which 15 are marked active and 33 resigned or superseded. Four active entries correspond to Covestro’s current Board of Management (Vorstand): Dr. Markus Steilemann (Chief Executive Officer), Christian Baier (Chief Financial Officer), Dr. Thorsten Dreier (Chief Technology Officer and Labor Director) and Monique Buch (Chief Commercial Officer), matching the composition currently published on Covestro’s own governance page (https://www.covestro.com/en/company/management/board-of-management). The remaining active entries are holders of Prokura (authorised company signatories) rather than board members. Four further register entries — recorded under names such as “Bank Of America Corporation,” “Franklin Mutual Series Funds” and “Staat Norwegen” with a generic job title of “Partner” — do not represent natural-person or corporate officers of Covestro AG; they are artifacts of institutional voting-rights/shareholding notifications that were miscategorised into the officer dataset, and they have been excluded from this narrative accordingly. Covestro’s twelve-member Supervisory Board (Aufsichtsrat), split equally between shareholder and employee representatives as required under German co-determination law, is not separately itemised in the underlying register but is confirmed on Covestro’s official website (https://www.covestro.com/en/company/management/supervisory-board). Nationality is not disclosed for any individual in the underlying source and is reported here as “Not disclosed” rather than inferred from names or addresses.
Recent officer changes
- Supervisory Board chairmanship change — Dr. Rainer Seele, President Global Chemicals at XRG P.J.S.C., was elected Chairman of Covestro’s Supervisory Board effective 20 December 2025, succeeding Dr. Richard Pott, who had chaired the board since Covestro’s 2015 founding. Source: Covestro corporate governance disclosures, retrieved 25 September 2026.
- Chief Commercial Officer succession — Sucheta Govil departed the Board of Management on 4 August 2025 and was succeeded as Chief Commercial Officer by Monique Buch, who joined the Board of Management on 20 June 2025; both changes are reflected as active/resigned in the underlying officer register.
- Upcoming CFO succession — Christian Baier will leave Covestro at the expiry of his contract on 30 September 2026 at his own request; Covestro has announced Klaus Fröhlich, currently Group Chief Investment Officer at ADNOC, as his successor effective 1 October 2026 (https://www.covestro.com/press/covestro-appoints-klaus-froehlich-as-new-chief-financial-officer/). This change had not yet taken effect as of the 25 September 2026 research date.
Data availability
German company-register practice publishes current Vorstand and Prokura holders but not full biographical detail; the profile’s underlying officer dataset is broadly current for the Board of Management but contains duplicate historical entries for the same person (e.g. multiple records for Dr. Markus Steilemann and for Sucheta Govil reflecting successive appointments) and the four non-officer artifacts noted above. Nationality and country of residence are not published for Covestro officers in the sources reviewed and are therefore not stated.
Sources
- Covestro AG, Board of Management page, retrieved 25 September 2026: https://www.covestro.com/en/company/management/board-of-management
- Covestro AG, Supervisory Board page, retrieved 25 September 2026: https://www.covestro.com/en/company/management/supervisory-board
- Covestro AG, “Chief Financial Officer Christian Baier to leave Covestro upon expiry of his contract at his own request”, retrieved 25 September 2026: https://www.covestro.com/press/chief-financial-officer-christian-baier-to-leave-covestro-upon-expiry-of-his-contract-at-his-own-request/
- Covestro AG, “Covestro appoints Klaus Fröhlich as new Chief Financial Officer”, retrieved 25 September 2026: https://www.covestro.com/press/covestro-appoints-klaus-froehlich-as-new-chief-financial-officer/
Registry feed — rows exactly as filed with Handelsregister (Commercial Register), including entries the profile above does not cover.
Group Structure
Group structure of Covestro AG
Covestro AG is not an independent company: it is a majority-controlled subsidiary within the ADNOC/XRG corporate group. The verified corporate-linkage data held in this profile shows Covestro AG’s immediate parent as ADNOC International Germany Holding AG (Germany), which is in turn held through ADNOC International UK Limited (United Kingdom). External sources identify the controlling shareholder as XRG P.J.S.C. (Abu Dhabi, UAE), ADNOC’s international investment arm, with a commercial-register filing dated 16 December 2025 naming the Government of Abu Dhabi as the ultimate parent in this chain. Covestro AG itself heads a large operating group: the underlying corporate-linkage data lists 8 direct subsidiaries and a further 57 indirect subsidiaries and branches (65 entities in total) spread across roughly 30 countries, including Germany, the United States, China, Japan, Mexico, the United Kingdom, the Netherlands and several other European and Asian jurisdictions. This reflects Covestro’s global polymer manufacturing and sales network rather than the ADNOC/XRG ownership structure. Other entities appearing in the same underlying dataset under the wider ADNOC/XRG UK holding structure (for example entities linked to Mozambique LNG or Turkmenistan investments) sit under a different, more remote part of the group and are not verified as related to Covestro AG’s own chemicals business, so they are not treated as sister companies here.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| ADNOC International Germany Holding AG | DE | DE 80333B294070 | Immediate parent | ~95.1% of enlarged capital (pending final squeeze-out registration) | Active | 10 Dec 2025 |
| XRG P.J.S.C. (via ADNOC International UK Limited) | AE / GB | Not disclosed in sources reviewed | Ultimate parent (controlling shareholder) | Ownership percentage in intermediate UK entity not disclosed | Active | 16 Dec 2025 |
| Covestro Deutschland AG | DE | DE 50670B49892 | Direct subsidiary | Ownership percentage not disclosed | Active | Undated (linkage dataset) |
| Covestro Japan Ltd. | JP | JP 9010001111118 | Direct subsidiary | Ownership percentage not disclosed | Active | Undated (linkage dataset) |
| Covestro LLC | US | US PA 3492630 | Indirect subsidiary | Ownership percentage not disclosed | Active | Undated (linkage dataset) |
| Covestro (Shanghai) Investment Co., Ltd. | CN | CN 310115400272772 | Direct subsidiary | Ownership percentage not disclosed | Active | Undated (linkage dataset) |
Recent structural changes
- Change of parent: ADNOC International Germany Holding AG became Covestro AG’s controlling shareholder on completion of the takeover on 10 December 2025.
- Internal group reorganisation: an Investment Committee was established in February 2026 under the investment agreement entered into as part of XRG’s takeover of Covestro.
- Pending change: a statutory squeeze-out approved at the 19 May 2026 Annual General Meeting would transfer all remaining minority shares to XRG once entered in the commercial register, a step not yet confirmed as complete in the sources reviewed.
Data availability
Group information for the Covestro operating subsidiaries is full in terms of entity names, jurisdictions and registration numbers, but ownership and voting percentages for individual intra-group entities are not disclosed in the sources reviewed. Information on the ADNOC/XRG parent chain above Covestro AG is partial: the controlling stake (~95.1%–96.16%) is well documented, but the precise ownership link between XRG P.J.S.C. and the Government of Abu Dhabi is not publicly itemised.
Sources
- Northdata, Covestro AG, HRB 85281 register extract, filing dated 16 December 2025, retrieved 25 September 2026: https://www.northdata.com/Covestro+AG,+Leverkusen/Amtsgericht+K%C3%B6ln+HRB+85281
- Covestro AG, “Covestro and XRG Launch Strategic Partnership – Transaction Successfully Closed”, 10 December 2025, retrieved 25 September 2026: https://www.covestro.com/press/covestro-and-xrg-commence-strategic-partnership-transaction-successfully-closed/
- Covestro AG, “Covestro Annual General Meeting approves transfer of the minority shareholders’ shares to XRG”, 19 May 2026, retrieved 25 September 2026: https://www.covestro.com/press/covestro-annual-general-meeting-approves-transfer-of-the-minority-shareholders-shares-to-xrg/
Registry feed — rows exactly as filed with Handelsregister (Commercial Register), including entries the profile above does not cover.
ADNOC INTERNATIONAL UK LIMITED
United Kingdom
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Frequently Asked Questions
What does Covestro AG do?
Covestro AG is a German Aktiengesellschaft (HRB 85281, Amtsgericht Köln, registered office Leverkusen) that develops and manufactures high-performance polymer materials — polyurethanes, polycarbonates, coating resins and specialty chemical intermediates — for the automotive, construction, electronics, furniture, textiles, coatings and healthcare industries, with subsidiaries in around 30 countries.
Who owns Covestro AG?
The profile's stored shareholder record (Bayer Aktiengesellschaft, 100%) is outdated; Bayer fully divested Covestro by 2019. Current control rests with XRG P.J.S.C. (Abu Dhabi), via ADNOC International Germany Holding AG, which held approximately 95.1% of enlarged share capital after the transaction closed on 10 December 2025; a squeeze-out of remaining minority shares (EUR 59.46/share) was approved by Covestro's AGM on 19 May 2026 but was not yet confirmed as registered as of the most recent source reviewed.
Who is Covestro AG's UBO (Ultimate Beneficial Owner)?
Effective control of Covestro AG passed to XRG P.J.S.C. (Abu Dhabi, UAE), ADNOC's international investment arm, on 10 December 2025, held through ADNOC International Germany Holding AG. A commercial-register filing dated 16 December 2025 names the Government of Abu Dhabi as ultimate parent in this chain. The precise ownership percentage between XRG P.J.S.C. and the Government of Abu Dhabi is not publicly disclosed, so no further multiplied effective percentage is calculated; a minority squeeze-out approved 19 May 2026 remains pending final commercial-register registration as of 25 September 2026.
What is Covestro AG's company registration number?
Covestro AG's registration number is HRB 85281 Köln, filed with Handelsregister (Commercial Register) in Germany. Its current status on the register is active.
Is Covestro AG still an active company?
Covestro AG's status on Handelsregister (Commercial Register) is listed as active.
What is Covestro AG's registered address?
The registered address on file for Covestro AG is Leverkusen, Germany.
What is Covestro AG's revenue?
A specific, independently verified revenue or employee-count figure for a stated reporting year could not be confirmed from a primary source at the time of writing and is therefore not reported here rather than estimated.
Is Covestro AG listed on a stock exchange?
Covestro AG shares (ISIN DE0006062144) were listed on the regulated market of the Frankfurt Stock Exchange from the company's 2015 IPO and were a DAX constituent until removal on 27 December 2024, after a takeover reduced free float. Following a squeeze-out approved on 19 May 2026, shares traded only thinly on the Frankfurt exchange near the statutory compensation level as of the most recent dated source reviewed (23 May 2026); full delisting completion was not independently confirmed as of 25 September 2026.
Who are the officers/directors of Covestro AG?
Covestro AG's current Board of Management (Vorstand) comprises Dr. Markus Steilemann (CEO), Christian Baier (CFO, departing 30 September 2026, succeeded by Klaus Fröhlich from 1 October 2026), Dr. Thorsten Dreier (CTO) and Monique Buch (CCO). Dr. Rainer Seele has chaired the 12-member Supervisory Board since 20 December 2025. Four entries in the underlying officer dataset ("Bank Of America Corporation," "Franklin Mutual Series Funds," "Staat Norwegen") are misclassified shareholder-notification artifacts, not actual officers.
Does Covestro AG have a parent company or subsidiaries?
Covestro AG's immediate parent is ADNOC International Germany Holding AG (Germany), part of the XRG P.J.S.C./ADNOC group ultimately linked to the Government of Abu Dhabi. Covestro AG itself has 8 direct and 57 indirect subsidiaries across roughly 30 countries, reflecting its global polymer manufacturing and sales operations, separate from the ADNOC/XRG ownership structure.
Can Zavia monitor changes to Covestro AG's ownership over time?
This profile reflects a point-in-time snapshot from Handelsregister (Commercial Register). Zavia's monitoring API can track changes to Covestro AG's registered shareholders, officers, and group structure going forward, flagging updates as they're filed rather than requiring a manual recheck.
Can I access Covestro AG's data through an API?
Yes. Zavia's API connects directly to official government ownership registries across 195 countries and territories, including Germany, so records like Covestro AG's registration, shareholder, UBO, and group-structure data can be queried programmatically instead of viewed one page at a time.
Where does this company information come from, and how current is it?
This record is sourced directly from Handelsregister (Commercial Register) and was last synced on 8 September 2026.