Adnoc’s Covestro Deal Gets Boost as EU Remedies Loom
The Covestro corporate headquarters in Leverkusen, Germany.
Photographer: Alex Kraus/BloombergAbu Dhabi National Oil Co.’s nearly €12 billion ($14.1 billion) takeover of Covestro AG is edging closer to European Union approval after talks with regulators paved the way for a package of commitments to be submitted as soon as next week, according to people familiar with the matter.
EU watchdogs had earlier been pressing Adnoc for long-term expenditure plans as part of a far-reaching investigation into its planned buyout of German plastics giant Covestro, but Abu Dhabi’s state oil company resisted, considering the information to be a state secret.