Adnoc completed its purchase of Amsterdam-listed OCI Global’s 50% stake in fertilizer firm Fertiglobe for $3.62bn on 15 October, lifting its holdings to 86.2%, while the remaining 13.8% trades on the Abu Dhabi Exchange (ADX). It says the transaction “marks a major milestone” in its chemicals growth strategy, and the deal comes just two weeks after Adnoc launched its $13bn takeover bid for German chemicals firm Covestro (MEES, 4 October).
Whereas Adnoc sees Covestro as the foundational platform for Adnoc International’s performance materials and specialty chemicals business, it envisions Fertiglobe sitting alongside it as a “a world-class growth platform for low-carbon ammonia” (MEES, 22 December 2023). “Fertiglobe is a world-class company, and it will be the vehicle through which Adnoc advances its low-carbon ammonia business, supporting our efforts to enable a just, orderly, and equitable global energy transition,” says Adnoc CEO Sultan al-Jaber, adding that “we see significant growth opportunities for Fertiglobe.” (CONTINUED - 1375 WORDS)
