Adnoc Secures EU Approval For Covestro Acquisition - Canadian Plastics

Adnoc Secures EU Approval For Covestro Acquisition - Canadian Plastics

The Abu Dhabi National Oil company (Adnoc) has received unconditional approval from the European Commission (EC), clearing a regulatory hurdle that allows it to move forward on its US$16.3-billion purchase of Germany-based chemicals company Covestro AG. The Commission concluded that the “transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active”. “In particular, the ma…

Adnoc seeks EU approval for Covestro deal

Abu Dhabi state oil company Adnoc on Thursday sought EU approval under the bloc’s foreign subsidies rules for its €14.7 billion ($16.4 billion) acquisition of German chemicals company Covestro, according to a filing on the European Commission site. Adnoc, which last week won the green light under EU merger rules for the deal, is making its biggest ever acquisition, underscoring Middle East countries’ diversification of their investments to reduc…

ADNOC seeks EU okay under foreign subsidies rules for Covestro deal

The European Commission, which acts as the antitrust regulator for the 27-country bloc, set a June 24 deadline for its decision

EU approves Coverstro takeover by Adnoc

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