Brussels, Belgium -- The European Commission on Friday greenlit the takeover of German chemical firm Covestro by UAE state oil giant ADNOC, after the Emirati firm promised steps to alleviate competition fears. Plastics maker Covestro accepted a bid from the Abu Dhabi National Oil Company in October, valuing the company...
European Union probes UAE oil giant’s purchase of Germany’s Covestro
Brussels, Belgium -- The European Commission on Monday announced an investigation into the takeover of German chemical firm Covestro by UAE state oil giant ADNOC, citing competition fears. "The commission has preliminary concerns that foreign subsidies granted by the United Arab Emirates could distort the EU internal market," a statement...Covestro accepts ADNOC takeover bid
The deal values German chemicals group at $13.3bn.UAE energy giant ADNOC offers $12.8bn for Germany’s Covestro
Covestro's shares surged more than six percent in Frankfurt following the announcement, which comes after it first disclosed talks were ongoing with the UAE firm in September last year. "The discussions so far have shown that Covestro and ADNOC can generally reach a common understanding regarding core aspects of a...ADNOC looks to buy Covestro
The German firm will hold "open-ended" talks with ADNOC.UAE, Saudi firms eye global acquisitions worth $20bn
Companies like ADNOC, Saudi sovereign fund, and Niu are making significant strides as the two Gulf countries seek to diversify their economies and capitalize on high oil prices.
