Adnoc Contests European Commission Probe Into Covestro Takeover Bid

Adnoc contests European Commission probe into Covestro takeover bid

UAE energy major confident that there will be no reason to hold up clearance of a transaction that will add great value for all stakeholders and stimulate European industry

Commission opens in-depth foreign subsidies investigation into ADNOC's acquisition of Covestro

(Credit: Unsplash) This article is brought to you in association with the European Commission. The European Commission has opened an in-depth investigation to assess, under the Foreign Subsidies Regulation (‘FSR’), the acquisition by Abu Dhabi National Oil Company PJSC (‘ADNOC’) of Covestro. The Commission has preliminary concerns that foreign subsidies granted by the United Arab Emirates (‘UAE’) could distort the EU internal market. ADNOC is a …

EU Probes UAE Oil Giant’s Purchase Of Germany’s Covestro • Channels Television

The European Commission on Monday announced an investigation into the takeover of German chemical firm Covestro by UAE state oil giant ADNOC…

EU to probe Adnoc’s Covestro deal for subsidies

Concern over market distortion In-depth investigation into takeover Decision expected in December The European Commission has initiated an in-depth investigation into Emirati oil giant Abu Dhabi National Oil Company’s €14.7 billion ($16.4 billion) takeover of German chemicals maker Covestro, citing possible market distortions caused by foreign financial support. The state-backed oil company Adnoc, through its investment arm XRG (formerly Adnoc I…