EU Approves ADNOC's Covestro Acquisition with Conditions

Abu Dhabi National Oil Company (ADNOC) secures EU approval for $17B acquisition of German chemicals giant Covestro, marking a significant expansion into chemicals and petrochemicals. The deal, first announced in late 2022, is one of the largest cash transactions in the chemical sector and the first time a DAX company will be bought by a Gulf state-owned entity. However, the acquisition faced scrutiny under the EUs Foreign Subsidies Regulation due to ADNOCs state-owned status. The European Commission approved the deal with strict conditions, including ADNOCs commitment to share Covestros sustainability patents with other market participants for a ten-year period.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.