Adnoc's €12 Billion Covestro Deal Wins Conditional EU Approval

Adnoc's €12 Billion Covestro Deal Wins Conditional EU Approval

ADNOC's $13.9 billion Covestro acquisition secures conditional EU approval

ADNOC has secured conditional EU approval for its $13.9 billion acquisition of Covestro after offering commitments to address subsidy and competition concerns. The deal advances ADNOC's global chemicals and materials strategy while opening Covestro patents to European market participants for the next decade.

ADNOC’s $13.9 billion Covestro acquisition secures conditional EU approval

(World Oil) –  Abu Dhabi National Oil Co. won conditional European Union approval for its €12 billion ($13.9 billion) takeover of Covestro AG after it dealt with EU concerns that its state subsidies could stifle competition. The European Commission said Friday that an offer from ADNOC to maintain Covestro’s intellectual property in Europe as well as concessions on the company’s unlimited state guarantee from the UAE settled its earlier fears. Tho

EU Approves ADNOC Bid for Covestro

The European Commission has given conditional approval for the Abu Dhabi National Oil Company’s (ADNOC) planned acquisition of German plastics manufacturer Covestro, clearing the way for one of the largest foreign investments in Europe’s chemicals sector in recent years. Covestro, headquartered in Leverkusen, agreed in October to ADNOC’s €12-billion ($14-billion) offer after months of negotiations. But the deal triggered an in-depth probe by the…

EU approves ADNOC/Covestro under FSR with sustainability patent licensing remedy

The European Commission has conditionally cleared Abu Dhabi National Oil Company’s proposed €14.7 billion takeover of German chemicals company Covestro after concluding a promise to share the target's sustainability patents with competitors would “balance out” any harm to the internal market.