Published by Global Banking & Finance Review®
Posted on September 3, 2025
2 min readLast updated: January 22, 2026
Add as preferred source on GoogleEU regulators temporarily halt the probe into ADNOC's 14.7-billion-euro acquisition of Covestro, seeking more information on potential subsidies.
By Foo Yun Chee
BRUSSELS (Reuters) -EU antitrust regulators are set to pause their investigation into Abu Dhabi state oil giant ADNOC's 14.7-billion-euro ($17.2 billion) bid for German chemicals company Covestro, a person with direct knowledge of the matter said on Wednesday.
The temporary halt will give the European Commission more time to gather information on the deal, the person said. The EU executive, which acts as the antitrust enforcer for the 27-country bloc, declined to comment.
ADNOC agreed the deal to buy Covestro last October, its biggest acquisition yet and one of the largest foreign takeovers of an EU company by a Gulf state. Covestro's products include foam chemicals used in mattresses, car seats and insulation for buildings.
ADNOC had constructive talks with the EU competition enforcer on potential remedies on Tuesday, the source said.
The Commission opened an investigation into the deal in July, warning about possible subsidies granted by the United Arab Emirates, including an unlimited guarantee as well as a committed capital increase by ADNOC into Covestro.
ADNOC declined to comment. The Commission, which has set a December 2 deadline for its decision, did not immediately respond to an emailed request for comment.
($1 = 0.8542 euros)
(Reporting by Foo Yun Chee; editing by Barbara Lewis)
Antitrust regulation refers to laws and policies that promote competition and prevent monopolies in the market. These regulations aim to protect consumers and ensure fair business practices.
An acquisition occurs when one company purchases another company, gaining control over its assets and operations. This can be a strategic move to expand market share or enter new markets.
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