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ADNOC wins unconditional EU antitrust approval for Covestro deal - Finance news and analysis from Global Banking & Finance Review
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ADNOC wins unconditional EU antitrust approval for Covestro deal

Published by Global Banking & Finance Review

Posted on May 13, 2025

1 min read

· Last updated: May 13, 2025

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ADNOC Gains EU Approval for Covestro Takeover

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)

Key Takeaways

  • ADNOC received EU antitrust approval for Covestro acquisition.
  • The deal is valued at €14.7 billion.
  • This is ADNOC's largest acquisition to date.
  • The acquisition aligns with Middle East diversification strategies.
  • The European Commission found no competition concerns.

Frequently Asked Questions

What is the main topic?
The main topic is ADNOC's acquisition of Covestro and its EU antitrust approval.
Why is this acquisition significant?
It's ADNOC's largest deal, highlighting Middle East investment diversification.
What did the European Commission conclude?
The Commission found no competition concerns with the acquisition.

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