Published by Global Banking & Finance Review®
Posted on May 13, 2025
1 min readLast updated: January 23, 2026
Add as preferred source on GoogleADNOC has secured EU antitrust approval for its €14.7 billion acquisition of Covestro, marking a significant move in diversifying Middle East investments.
BRUSSELS (Reuters) - Abu Dhabi state oil giant ADNOC on Tuesday won unconditional EU antitrust approval for its 14.7 billion euro ($16.3 billion)takeover of German chemicals company Covestro, confirming an earlier Reuters exclusive.
"The Commission concluded that the notified transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active," said the European Commission in a statement.
The deal, ADNOC's biggest ever, underscores Middle East countries' plans to diversify their investments and reduce dependence on oil amid the global transition to cleaner energy.
($1 = 0.9003 euros)
(Reporting by Foo Yun Chee; Editing by Sudip Kar-Gupta)
The main topic is ADNOC's acquisition of Covestro and its EU antitrust approval.
It's ADNOC's largest deal, highlighting Middle East investment diversification.
The Commission found no competition concerns with the acquisition.
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