In the investment agreement we defined the governance arrangements so that our framework will essentially continue while reflecting the new ownership structure. It was agreed in particular that in future four of the six shareholder representatives on the supervisory board will come from Adnoc and XRG. There will be personnel changes on the supervisory board. In addition, we will continue to operate on an arm’s length basis, as we still have external shareholders.

We are not there yet, even though a delisting is very likely.

We cannot assess that yet. We interact regularly with various contacts there. On both the Adnoc and XRG levels we have a broad network. We cannot identify any changes in the collaboration.

We have always talked about operational efficiency, which we continue to push forward. The chemical industry remains under pressure. Our partner sees it similarly, but with a dual focus on efficiency and unlocking future value potential. The latter is strongly linked to growth. At the same time, we are consistently developing our cost programme.

Covestro is in a very strong position with regard to innovation and sustainability. Because Brussels wants to protect internal EU competition in exactly this area, we had to grant certain market participants access to our sustainability patents under transparent, pre-agreed conditions. We and XRG can live with this, especially since it is limited to a period of ten years.

It was indeed a long period. But one must also recognise that this regulation has only existed since mid-2023 and many issues were being addressed for the first time.

We are very confident that we will continue producing in Europe in a very relevant way after 2028. Our strategy is to produce in the regions for the regions, and we are competitively well positioned there.

The year 2028 is, from a general transaction perspective in a public takeover, an appropriate timeframe and gives us enough room after closing to structure the cooperation. However, we cannot assume that everything automatically expires at the end of 2028 or that there will be a reversal.

The 1.17 billion euros are a very important factor in financing our Sustainable Future strategy and ensuring that we remain on financially solid ground. The euros are not earmarked for specific investments.

That is true, but our annual investments amount to roughly 800 million euros and we naturally have detailed plans. You can assume that we always have investment opportunities that exceed the budget. With the capital increase, we feel very well positioned to keep making important investments despite the headwinds.

Fundamentally, the topic remains relevant because we use leading technology and want to continue playing an important role in this market. At the moment there is nothing to report, not even regarding possible locations. Once the topic is back on the agenda, we will review various locations with an open mind. The key decision criteria are production conditions and demand.

Management is responsible for running the business. Adnoc is under no obligation to support us financially beyond the capital increase. For us it is important to remain able to act on the capital markets at any time, independently of our new owner. There were several recent crises in which companies without a credit rating faced difficulties raising funds on capital markets.

I think it is a very good sign that Covestro is attractive to investors. We are very satisfied with our new partner. And even in the past, we were not owned exclusively by European investors. That is why I do not consider this argument valid.