3, Oct 2024
Bata Unveils Festive Collection and ‘Celebrate Every Step’ Campaign with Kartik Aaryan

Mumbai, 3rd October 2024: Bata India launches a special collection ahead of the festivities, rooted in artisanal craftsmanship and high fashion design details with an enticing film that spotlights Bata’s brand Ambassador and superstar Kartik Aaryan. The festive campaign, Celebrate Every Step is an exciting chapter of the global brand’s ‘Make Your Way’ campaign that celebrates stories of grit & success for those who stride to shine. The campaign captures his journey of becoming a Bollywood sensation. In the film, Kartik is seen celebrating all the roles he has played in his life, even the setbacks that helped him come back stronger inspiring individuals to trust their journey & celebrate every step! The latest collection features classic brogues, monk strap loafers and laced-up derby shoes for men & trend-setting heels in Ombre colours, mules with crystal bow accents and shimmery yet technology-infused Bata Comfit sandals for women. Just in time for the festive season.

Celebrate Every Step with Bata and Kartik Aaryan this Festive Season

Deepika Deepti, Head of Marketing at Bata India, said, “At the heart of ‘Celebrate Every Step’ is a powerful insight: today’s India is about individuals who dare to change their trajectories and make their own way. The campaign shines a spotlight on the inspiring journeys of Kartik Aaryan and other youth icons, with each story resonating with the ambition of today’s new age of consumers. The Artisanal Leather & Starlight collection, offers unmatched style, comfort and confidence that you need to bring in the festivities this season.”

Brand Ambassador Kartik Aaryan shared his excitement for the campaign, “I’m super excited to be a part of Bata’s ‘Celebrate Every Step’ campaign. As an actor, I have played many roles but this campaign inspired me to pause and celebrate the biggest role I have ever played – Me! This festive season is all about expressing yourself, standing out, and looking fabulous while you’re at it. Time to step into the celebrations, both inside and out, with style!”

Udayan Chakravarty, National Creative Director, FCB India said, “The storytelling in the video takes the form of a dramatized mixed media biography instead of a conventional ad – leaning heavily into Kartik’s life, retrieving and drawing heavily from old photographs, archival footage and personal anecdotes. Through, Celebrate Every Step, we have tried to narrate Kartik’s story of grit that only Bata has the right to tell – having been there with Kartik, every step of his way.”

Joining Kartik in this journey, are the new-age icons who have carved their own unique path to success – the multi-talented force, Designer and Entrepreneur Masaba Gupta who has constantly challenged status quo and continues to reinvent herself through unseen paths. The campaign also celebrates Singer, songwriter and now actress and musician Lisa Mishra who made an indelible mark in popular culture, Urooj Ashfaq who took her comedy to a global platform, winning accolades and hearts of GenZ alike and Alaya F who shined bright even in unconventional roles, breaking stereotypes. By bringing them together, Bata India applauds those who break the glass ceiling and truly embody the spirit of ‘Make Your Way’, the brand’s global campaign for its 130th anniversary.

3, Oct 2024
IDC MarketScape recognizes F5 as a Web Application and API Protection Leader

India – 3rd October 2024 – F5 is proud to announce it has been named a Leader in the IDC MarketScape: Worldwide Web Application and API Protection (WAAP) Enterprise Platforms 2024 Vendor Assessment.

IDC MarketScape notes, “F5 has demonstrated a long history of delivering high performance and advanced security capabilities to secure applications and APIs, often through strategic acquisitions of purpose-built point solutions. By combining these point solutions into a single coherent, flexible platform, F5 aids enterprises in their digital transformation journeys.”

According to IDC, the IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. Through a rigorous scoring methodology based on both qualitative and quantitative criteria, a vendor’s competitive position and market share is determined.

“In a threat landscape that is constantly changing, businesses of all sizes need a unified, simple to deploy and AI-ready WAAP solution”, said Adam Judd, Senior Vice President for APCJ at F5. “We welcome the findings of IDC MarketScape as our customers tell us they appreciate that our unified WAAP solution is deployable across complex hybrid, multicloud environments, and is available in various form factors, including hardware, software, SaaS, and as a managed service.”

Evaluated for the vendors’ three-to-five-year strategy as well as the capabilities of current offerings, IDC MarketScape notes, “The F5 strategic road map addresses AI security needs. GenAI is a new threat vector but also provides customers an opportunity for optimization such as penetration testing for large language models.”

As AI accelerates the growth of applications and the APIs that connect them, F5 brought API code testing and telemetry analysis to F5 Distributed Cloud Services in 2024. IDC MarketScape notes, “The F5 Distributed Cloud Services support management through APIs or user interface. These flexible options allow teams to support shift left initiatives through integrations with non-security team workflows.”

3, Oct 2024
Beauty Garage Professional Stands Out at PBI Exhibition, Announces Gofab Genesis LLP Acquisition

Mumbai…October 03, 2024…Beauty Garage Professional, a leading Made-in-India brand revolutionizing the hair care industry, made a significant impact at the Professional Beauty India (PBI) exhibition held in Mumbai on September 30th and October 1st. This two-day event brought together industry leaders and experts to showcase the latest innovations in the beauty and salon sector.

beauty

Established in 2017 by Mahesh and Jigar Ravaria, Beauty Garage Professional has quickly become a success story, navigating challenges with a steadfast commitment to innovation. Renowned for its high-quality, premium, and safe hair care products, the brand leverages cutting-edge technologies to meet the evolving needs of both professionals and clients. With a strong focus on repairing and revitalizing damaged hair, Beauty Garage Professional has solidified its presence in the premium salon market.

A highlight of the event was Mahesh Ravaria, Co-founder and CEO, who participated in the Salon Management Conference (SMC) on Day 1, presenting on the topic of “Sourcing and Saving: Salon-Vendor Relationships.” In his discussion, Ravaria stressed that building long-term relationships with salon partners hinges on delivering high-quality products, innovative solutions, and maintaining a mutual alignment between brand and salon values. He emphasized the importance of quality and innovation, stating that the right product with the right ingredients, combined with excellent packaging, builds trust and loyalty between salons and their brand partners.

Reflecting on the challenges salons face, Ravaria noted: “Salons often encounter disparities in pricing, with some charging significantly different rates for the same product or service. This inconsistency creates confusion for consumers and reduces the potential earnings for salons. It’s essential for both salons and brands to collaborate closely and maintain uniformity in pricing strategies, which will lead to better margins and service quality.”

During the exhibition, Beauty Garage Professional shared details about its complete acquisition of Gofab Genesis LLP. This 100% buyout encompasses Gofab’s brand, products, and manufacturing facilities, representing a significant advancement in Beauty Garage Professional’s growth strategy. With this acquisition, the company will integrate Gofab Genesis’ revolutionary patented technologies—Color Fuel and Micro Fuel—into its product portfolio, expanding its offerings in the premium hair care segment. Mr. Akash Bhutak and Ms. Manisha Bhutak, founders of Gofab, were also present at the event to celebrate this important milestone.

Beauty Garage Professional is committed to its mission of repairing, restoring, and revitalizing hair, ensuring that every product developed delivers impactful results. The brand is dedicated to continuously introducing innovative solutions that cater to a diverse clientele, further enhancing its reputation as a leader in the industry.

3, Oct 2024
Ravi Kumar Joins Clarks Avadh Lucknow as General Manager

September 2024, New Delhi: Ravi Kumar has been appointed as General Manager, Clarks Avadh, Lucknow, effective September 2024. With over 20 years of extensive experience in the global hospitality industry, Ravi brings his expertise from some of the world’s most prestigious brands, including Andaz Delhi, Hyatt, Solaire Resort, Hilton, Marriott International, and The Ritz-Carlton.

Ravi Kumar - General Manager

Ravi’s career highlights include his recent tenure as Director of Food and Beverage at Andaz Delhi & Hyatt Delhi Residences, where he played a pivotal role in curating a dynamic F&B experience for both brands. Prior to that, Ravi held the position of Director of Operations at Hilton and Marriott International, where he was responsible for overseeing multi-departmental operations. In these roles, he streamlined operational processes, optimized guest satisfaction, and implemented innovative service strategies, contributing to overall revenue growth and service excellence. His leadership extended across luxury resorts in Pune, Thailand, and Manila, where he led diverse teams and enhanced guest experiences with a focus on personalized service.

At Clarks Avadh Lucknow, Ravi is set to lead the property with a vision of further enhancing service excellence and guest engagement. His goal is to elevate the guest experience while integrating the rich cultural heritage of Lucknow into the hotel’s offerings. Through strategic innovation, community collaboration, and a commitment to world-class hospitality, Ravi aims to position Clarks Avadh as a leading destination in the region.

3, Oct 2024
VIGA Showcased Innovation at India’s Largest Metal, Machinery Manufacturing & Maintenance Exhibition

New Delhi, 3rd October 2024: VIGA, an authorized sales and service provider of industrial instruments in India, successfully participated in India’s largest exhibition for the metal, machinery, manufacturing, and maintenance industries. The event, which was recently held in New Delhi, brought together industry leaders, experts, and exhibitors from around the globe to showcase cutting-edge solutions.

GT18 Gas welding torches

 This year’s exhibition comprised six major components, each focused on the latest technological advancements:
● HTF: Highlighted high-precision hand tools, power tools, and fasteners.
● CWE: Showcased specialized cutting and welding tools, equipment, and laser technology.
● IMEX: Presented sophisticated CNC, laser, and shot-blasting tools.
● UMEX: Provided affordable pre-owned industrial equipment.
● TECHINDIA: Focused on pumps, valves, compressors, and other engineering solutions.
● MMMM: Featured innovations in minerals, metals, metallurgy, and materials.

 VIGA proudly displayed a comprehensive range of high-performance products aimed at boosting industrial efficiency. These included Conventional Spray Guns, HVLP Spray Guns, Air Blow Guns, Foam Guns, Sand Blasting Guns, Electric Spray Guns, Foundry Guns, Pressure Cleaning Guns, Pressure Feed Tanks, Air Brushes, Gas Welding & Cutting Torches, Gas Regulators and Airless Spray Guns (Electric, Pneumatic, Electro-Hydraulic).

 Each product underscored VIGA’s commitment to delivering innovative, high-quality solutions to meet the diverse needs of industries. Vinod Gautam, Director at VIGA, shared his enthusiasm about the event: “We were thrilled to participate in this prestigious exhibition. It was a fantastic platform to showcase VIGA’s extensive product range, and we are proud of the attention our solutions garnered. Events like these allow us to demonstrate how our innovations enhance productivity, efficiency, and sustainability across industries.”

 The exhibition was supported by various ministries, trade associations, and the World Metal Forum (WMF). With international seminars like ‘Green Steel Production’ and ‘Process & Product Innovations in Metal Production,’ over 270 companies from 10+ countries presented their products and services. The event also included industry awards, public exhibitions, and networking opportunities.

 Visitors to the VIGA booth had the opportunity to explore the company’s latest solutions designed to boost productivity and environmental efficiency. For more details about VIGA’s wide range of industrial automation products, visit www.viga.in. Discover how VIGA’s expertise and technology can transform your business for the future.

3, Oct 2024
NMIMS SBM, Mumbai Achieves Prestigious EQUIS Accreditation: A Mark of Global Excellence

October 3, 2024: The NMIMS School of Business Management (SBM), Mumbai, has secured the prestigious EQUIS accreditation, setting a high-quality benchmark for business education in India. The EQUIS accreditation is awarded to the best B-schools internationally that demonstrate high academic standards and overall quality. SBM’s initiative, the Pravin Dalal School of Entrepreneurship & Family Business Management, also received this accreditation, underscoring the institution’s commitment to excellence in business education.

Dr Ramesh Bhat, Vice Chancellor, NMIMS University, commented: “Achieving EQUIS accreditation for the School of Business Management at NMIMS, Mumbai, is an important milestone. This recognition underscores our dedication to academic rigour, research, industry connections, and the development of socially conscious global business leaders. The achievement opens new avenues for international collaborations, enhances our ability to attract exceptional students and faculty, and ensures NMIMS SBM’s position as a leader in business education in India and globally. The EQUIS accreditation provides a framework for governance, establishes clear quality benchmarks, and aligns us with international best practices. This accreditation not only validates our current efforts but also encourages us towards even greater excellence in the future.”

The EQUIS accreditation is a testament to SBM’s dedication to academic and research excellence, social initiatives, and industry connections. The achievement also positions SBM as the first B-school embedded within a university in India to achieve the EQUIS accreditation. SBM is the seventh B-school accredited by EQUIS and only the second private B-school to receive this recognition.

Dr Justin Paul, Dean & Provost (Management Education), School of Business Management, said: “The EQUIS accreditation places NMIMS School of Business Management, Mumbai, among the top global business schools. It reflects our commitment to delivering a transformative learning experience, strengthened by industry partnerships and a focus on ethics and sustainability. This recognition will enhance our global standing, facilitate international collaboration, and expand academic and career opportunities for our students.”

The EQUIS accreditation offers several benefits, including global recognition of the School’s practices and programs and positioning it among the leading B-schools internationally. It acknowledges the School’s commitment to continuous quality improvement and facilitates access to international academic communities. The accreditation allows SBM to benchmark its performance against global institutions and enrich its learning ecosystem for students and faculty.

For students, the EQUIS accreditation affirms the School’s continuous quality improvement in providing education that meets global standards, offering enhanced learning opportunities and international exposure.

The EQUIS accreditation process evaluated SBM across key areas, including student quality, graduate outcomes, and industry connections. Strengths that contributed to this achievement include a rigorous admission process, diverse student profile, comprehensive academic pathways, and strong industry connections that prepare students for real-world challenges. SBM’s commitment to research and ethical practices was also noted as an integral part of its educational framework.

3, Oct 2024
Empowering women producers through digital sales platform greenkraft.co.in

Shri. Charanjit Singh, Additional Secretary, MoRD, announces the launch of greenkraft.co.in, a groundbreaking online sales platform exclusively owned by women producers from rural communities during the National Livelihoods Conclave in Varanasi. GreenKraft, incubated by Industree Foundation, is an initiative to offer solely made-in-India products, made and owned by women-led producer groups, who are members of different Self-Help Groups(SHGs) in Tamil Nadu, Karnataka, and Odisha.

Industree nurtures and specializes in high-quality, elegant hand-woven goods made from locally sourced natural materials such as banana bark, bamboo, and sal leaves. By eliminating middlemen and providing direct market access, GreenKraft is expected to significantly boost the income of these rural women entrepreneurs.

In this innovative business model, 100% of the revenue generated goes to the women producers, ensuring that they benefit fully from their labor and creativity. This initiative is aligned with the government’s mission to promote inclusive rural development by empowering women entrepreneurs and its commitment to strengthening livelihoods in rural India by harnessing the potential of digital technologies. This platform represents a significant step toward supporting talented women producers from rural India.

During the launch, Shri Charanjit Singh stated, “This approach ensures quality, competitiveness, and productivity while also ensuring transparency, fair wages, and stable incomes for women through direct sales of quality products in India and abroad.” The concept permits the construction of a vibrant, entrepreneurial, demand-driven ecosystem for inclusive growth, which could have an impact on a wide range of sectors. This initiative fosters sustainable livelihoods while highlighting the skill and craftsmanship of rural India.”

“Bamboo can drive economic change for women, creating opportunities to generate a million livelihoods by connecting their produce to markets. Government of India’s National Rural Livelihoods Mission (NRLM) is committed to strengthening bamboo as a key sub-sector for sustainable livelihoods. These sustainable festive decorations from GreenKraft put forward the idea of celebrating festivals without affecting the planet, while also making our women happy”, said Mr. Neju George Abraham, CEO, Industree Foundation.

The event was attended by representatives from various SRLM’s, home buyers, and development organizations, who emphasized the role of digital platforms like GreenKraft in enabling rural producers to compete in a global marketplace.

Industree is supporting NRLM in achieving their mission of implementing bamboo sub-sector initiative, and building a million smallholder women farmers to cultivate bamboo and connecting them to the market.

3, Oct 2024
Arcil Collaborates with Studeasy Bharat Foundation to Enhance Rural Education via Digital Classrooms

Mumbai, October 03, 2024 – Asset Reconstruction Company (India) Limited (Arcil) is pleased to announce its collaboration with Studeasy Bharat Foundation (SBF), Navi Mumbai, to provide digital classrooms to 30 government schools across Haryana, Madhya Pradesh, and Goa.

arcil

This initiative is one of the key component of Arcil’s Corporate Social Responsibility (CSR) efforts aimed at enhancing the quality and accessibility of education for underprivileged students and equipping them with the skills necessary for a future in the digital economy.

Speaking on the initiative, Arcil MD & CEO Pallav Mohapatra said, “Arcil is proud to partner with Studeasy Bharat Foundation in this transformative initiative. By bringing modern educational technology to government schools, we are empowering students from under-privileged backgrounds with the tools they need to succeed in today’s increasingly digital world. Our goal is to empower these students to not only excel academically but to emerge as the next generation of IT professionals and leaders, equipped with the skills and confidence to drive tomorrow’s digital economy.”

Speaking further on the initiative, Studeasy Co-founder & Director, Lehar Tawde said, “We are pleased to be supported by Arcil in our mission to provide Quality Education to Govt. school students. Our Blended Learning Program with Arcil benefits over 10,000 underprivileged students across 30 Govt. schools, spread over 3 States in India. The program brings to life the Government’s vision to leverage technology to provide Govt. school students with Quality Education; not only in classrooms, but also at home, during their self-study time. Our association with Arcil has just started and, in time to come, we hope to empower Govt. school students across every State in India, and enable them to contribute to the India growth story.”

Through this partnership, Arcil is supporting the implementation of a digital Classroom infrastructure, a powerful integration of low-cost, hyper-scalable technologies, designed to offer students in government schools a better learning experience. The project, which includes the installation of 55” Smart TVs in classrooms with an access to customised software that allows for the seamless delivery of educational content both in school and at home through SBF’s Blended-Class Program. This unique model enables students from Classes 5-10 to access state-syllabi-based lectures, assessments, and educational videos in vernacular languages, ensuring an inclusive approach to learning.

In the initial three phases during 2024, digital classrooms were set up in 10 schools each across Jhajjar and Bhiwani districts in Haryana, Dewas district in Madhya Pradesh, and schools in Goa. The program is designed to engage both students and teachers, with SBF sharing valuable learning insights based on students’ progress to them and to Arcil to monitor progress of students and overall benefits of the programme. This data helps teachers refine their lesson plans, resulting in improved learning outcomes and educational development.

SBF’s innovative approach aligns with Arcil’s commitment to promoting educational equity. By providing digital infrastructure, the initiative bridges the gap between urban and rural education, offering students the opportunity to enhance their learning experience both inside and outside the classroom using the same software on their own/family digital platforms viz mobiles, computers etc.

With a strong focus on student engagement and teacher support, this program exemplifies Arcil’s long-term vision of fostering a future-ready workforce. As India’s digital economy continues to grow, Arcil’s CSR efforts will remain dedicated to ensuring that students in rural areas are not left behind in this transformation.

3, Oct 2024
WebEngage Teams Up with SGA PR to Elevate Global Retention Marketing Discussion

Mumbai, 3rd October 2024: WebEngage, a full stack Retention Consultancy empowering brands to become enduring businesses, has partnered with SGA PR, a rapidly growing communications consultancy offering new-age business-oriented communications services. This collaboration marks a breakthrough in SGA PR’s expansion into the MarTech space and further strengthens the consultancy’s portfolio in the B2B SaaS ecosystem.

WebEngage offers innovative retention marketing strategies to consumer brands for better and more effective engagement with their customers. Serving over 800 brands globally, including IKEA, Unilever, Walmart, Myntra, Bajaj Auto, Groww, Modern Electronics, Sony World KSA, Airtel Africa and Unacademy, WebEngage operates across diverse industries such as Retail & eCommerce, BFSI & Fintech, Edtech, Foodtech, Media & Publications, Gaming, Healthcare among others. The platform’s innovative solutions unify data, automate campaigns, and deliver AI-driven personalization, helping brands enhance customer retention and drive marketing ROI.

The MarTech industry across the globe is evolving rapidly with an increasing number of marketers opting for technology to boost their marketing programs. SGA PR’s expertise in crafting tailor-made communication narratives will help WebEngage in capturing the mindshare of marketers thus further cementing its position as a leader in the retention marketing space.

“Customer Engagement and Retention have become more important than ever as brands move towards sustainable, profitable growth. In our mission to tie together high-quality user retention with enduring businesses and make this a mainstream conversation, we are happy to have a partner who understands new-age communications and brings agility and proactivity in their approach.” said, Ankur Gattani, Chief Growth Officer, WebEngage.

Rahul Jain, Partner & Joint CEO of SGA PR, said, “We are excited to join forces with WebEngage that is building and driving the narrative for retention marketing and customer data platform (CDP) in the APAC and MENA region. Our program’s aim will be to establish strong brand credibility through innovative ideas and storytelling to establish the MarTech as the ‘partner of choice’ for retention marketing.”

This win further strengthens SGA PR’s portfolio, as the new-age communications consultancy works with a host of clients across BFSI, Fintech, PE/ VC, B2B SaaS, D2C, LogisticsTech and Blockchain among other large corporates.

Strategic Growth Advisors (SGA) also houses India’s largest Investor Relations firm, the country’s second largest Corporate Reporting business and a fast-growing Brand & Design vertical.

3, Oct 2024
Covestro Partners with ADNOC in Investment Agreement and Public Takeover Support

Covestro AG (“Covestro” or “Company”) today signed an Investment Agreement with certain entities of the ADNOC Group, including ADNOC International Limited (“ADNOC International”) and its subsidiary, ADNOC International Germany Holding AG (“Bidder”). The agreement stipulates, among other items, that the Bidder will make a public takeover offer for all outstanding shares of Covestro at a price of €62.00 per share. In addition, ADNOC International is committing itself to fully supporting the Company’s “Sustainable Future” strategy. At the same time, the Board of Management and the Supervisory Board of Covestro decided today that upon completion of the transaction, the Company’s share capital shall be increased by 10% (18.900.000 shares) and that, at and subject to closing, the new shares shall be issued to the Bidder against payment of a price per share equal to the offer price, thus, based on an offer price of €62.00 against a total amount of €1.17 billion, under simplified exclusion of subscription rights.

Dr. Markus Steilemann, CEO of Covestro, said: “We are convinced that the agreement reached today with ADNOC International is in the best interest of Covestro, our employees, our shareholders, and all other stakeholders. With ADNOC International’s support, we will have an even stronger foundation for sustainable growth in highly attractive sectors and can make an even greater contribution to the green transformation. We regard ADNOC International as a financially strong and long-term oriented partner with whom we will further drive our successful “Sustainable Future” strategy in all market conditions. Our complementary growth strategies, shared commitment to advanced technologies, innovation and sustainability are key cornerstones of our partnership.”

His Excellency Dr. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, said: “As a global leader and industrial pioneer in chemicals, Covestro brings unmatched expertise in high-tech specialty chemicals and materials, using advanced technologies including AI. This strategic partnership is a natural fit and aligns seamlessly with ADNOC’s ongoing smart growth and future proofing strategy and our vision to become a top 5 global chemicals company. It represents a pivotal step for both organizations and embodies our disciplined approach to investing in strategic assets that drive long-term value and unlock new growth opportunities, while reinforcing our commitment to diversifying ADNOC’s portfolio. Our aligned strategies uniquely position us to meet the growing global demand for energy and chemical products, while accelerating the transition to a circular economy.”

Key transaction details

The Bidder intends to make a cash offer to Covestro shareholders of €62.00 per share. This price implies an equity value for Covestro of approximately €11.7 billion and represents a premium of approximately 54 percent to the unaffected closing price on June 19, 2023, the day prior to any media coverage of a potential transaction, and a premium of 21 percent to the closing price on June 23, 2024, the last share price prior to Covestro announcing the beginning of the confirmatory due diligence and the start of concrete negotiations.

The offer will be subject to a minimum acceptance level of 50 percent plus one share and customary closing conditions, including merger control, foreign investment control, EU foreign subsidies clearances.

In compliance with the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz, WpÜG), the offer document, which is expected to be available within six weeks, and other information pertaining to the Bidder’s public takeover offer will be made available on the following website after approval by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht): www.covestro-offer.com.

After thorough consideration, the Supervisory Board and the Board of Management of Covestro welcome and support the Bidder’s announced takeover offer. Both boards will carefully review the offer document after its publication and will issue their reasoned statements pursuant to Section 27 WpÜG shortly after. Subject to the review of the offer document, the Board of Management and the Supervisory Board assume that they will recommend the acceptance of the offer to the Company’s shareholders.

Partnership enables expansion of Covestro’s excellent position in attractive growth markets

Covestro has a clear growth strategy and is already making significant progress in its strategic transformation that will further expand its excellent position in attractive growth markets. ADNOC International sees Covestro as the foundational platform of its Performance Materials and Specialty Chemicals business and is convinced of Covestro’s strategic perspective and its vision to become fully circular.

In the joint Investment Agreement, which runs until the end of 2028, Covestro and certain entities of the ADNOC Group, including ADNOC International, have agreed on the main cornerstones of the partnership. In particular, the agreement contains several obligations on the part of ADNOC International to maintain Covestro’s existing business activities, corporate governance and organizational business structure.

ADNOC International has assured Covestro of its full support for Covestro’s “Sustainable Future” strategy and intends to fully support Covestro in further executing on this strategy. To this end, the Bidder shall subscribe to new Covestro shares at the offer price via an increase of the Company’s share capital by 10% under simplified exclusion of subscription upon the completion of the transaction, this will result in an amount of €1.17 billion proceeds at an offer price of €62.00 which Covestro will use to foster the further implementation of its growth strategy.

In the agreement, ADNOC International commits, among other items, to recognizing the German governance regulations and to retaining the co-determined Supervisory Board. An important component is also the commitment that two members of the Supervisory Board on the shareholder representatives’ side will remain independent of ADNOC Group after the takeover offer has been completed.

The Investment Agreement also contains ADNOC International’s explicit recognition of the existing general works agreements, collective bargaining agreements and the rights of the works councils in Germany. In addition, there are no plans to sell, close or significantly reduce Covestro’s business activities as part of the transaction and ADNOC International undertakes in the Investment Agreement not to initiate any of the above. The Investment Agreement also contains a commitment to protect Covestro’s technology and intellectual property.

Furthermore, ADNOC International undertakes in the Investment Agreement that Covestro will continue to be managed as a stock corporation and that no domination and/or profit and loss transfer agreement will be concluded with Covestro.