Scope of Consolidation

Changes in the scope of consolidation

As of September 30, 2020, the scope of consolidation comprised Covestro AG and 47 consolidated companies (December 31, 2019: 47 companies), and was therefore unchanged in the third quarter of 2020 compared to the end of fiscal 2019.

Acquisitions and divestitures


On September 30, 2020, Covestro signed an agreement to acquire the Resins & Functional Materials business (RFM) of DSM. The acquisition of RFM will make the Coatings, Adhesives, Specialties segment one of the leading suppliers of sustainable coating resins. Thanks to the acquisition, the segment's more comprehensive and highly innovative portfolio of products enables it to offer its customers clear added value. In fiscal 2019, the core RFM business generated sales of €1.0 billion and an EBITDA amounting to €141 million. The transaction also includes the associated innovation ventures Additive Manufacturing, Advanced Solar Coatings and Niaga. Covestro agreed a preliminary purchase price of €1.6 billion. The acquisition is financed through a financing agreement which Covestro intends to fund with a combination of equity, debt instruments and own cash generation. Closing of the transaction is expected for the first quarter of 2021 and is subject to regulatory approvals, including antitrust clearance and other standard authorizations.


No divestitures were made in the third quarter of 2020.