Finance
Exclusive-ADNOC close to finalising EU remedies for Covestro deal, sources say
Published by Global Banking and Finance Review
Posted on September 10, 2025
1 min readLast updated: January 22, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 10, 2025
1 min readLast updated: January 22, 2026
ADNOC is finalizing EU remedies for its €14.7 billion bid for Covestro, converting a capital hike to a shareholder loan.
BRUSSELS (Reuters) -Abu Dhabi state oil giant ADNOC is readying remedies to address an EU subsidy investigation into its 14.7 billion euro ($17.2 billion) bid for Germany's Covestro that will likely see it convert a proposed 1.2 billion euro capital hike to a shareholder loan, people familiar with the matter said.
The deal is ADNOC's biggest ever acquisition and one of the largest foreign takeovers of an EU company by a Gulf state.
ADNOC will likely convert the Covestro capital increase to a shareholder loan at market rates, the people said.
(Reporting by Foo Yun Chee; Editing by Kirsten Donovan)
ADNOC has made a bid of 14.7 billion euros ($17.2 billion) for Germany's Covestro.
This deal represents ADNOC's largest acquisition to date and is one of the biggest foreign takeovers of an EU company by a Gulf state.
ADNOC is likely to convert the Covestro capital increase into a shareholder loan at market rates to address the EU subsidy investigation.
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