UAE Oil Giant Wins EU Approval for €12 Billion Covestro Deal

The biggest oil company in the United Arab Emirates has secured a key European approval that brings it a step closer to completing a €12 billion ($14 billion) takeover of Covestro AG, part of a global deals push to create a natural gas and chemicals leader.

Abu Dhabi National Oil Co. won a conditional European Union go-ahead for the proposed buyout after addressing regulators’ concerns around state subsidies. The European Commission said Friday that an offer from Adnoc to maintain Covestro’s intellectual property in Europe, as well as concessions around state guarantees, had settled earlier concerns, with the commitments valid for 10 years.