The European Commission has announced that Abu Dhabi National Oil Company (ADNOC) has received conditional approval from the European Union for its €14.7 billion ($17 billion) offer to acquire the German chemical company Covestro. This marks a significant development in the mergers and acquisitions landscape, poised to have a major impact on the European chemical industry. ADNOC is seeking to bolster its global presence through strategic investments. Covestro, a renowned manufacturer of polymers and chemicals, will become part of ADNOC's portfolio, leading to the integration of their operations. The European Commission, acting as a guardian of EU competition law, conducted a thorough review of the deal. The conditional approval signifies that ADNOC has met certain requirements to ensure that the acquisition will not lead to undue market distortion. The transaction is expected to be finalized in the coming months, subject to the satisfaction of all remaining closing conditions.
