EU antitrust regulators will decide by May 12 on whether to approve Abu Dhabi state oil giant ADNOC’s $17.2bn takeover of German chemicals company Covestro, as part of efforts to reduce oil dependency. The European Commission can clear the deal with or without conditions or open a four-month investigation, potentially under the Foreign Subsidies Regulation. ADNOC’s bid for Covestro awaits confirmation, following a similar case involving UAE telecoms group e&’s acquisition of Czech telecoms company PPF.
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