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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

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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)