Covestro Takeover by UAE’s ADNOC Gets Final Regulatory Approval in Germany

Abu Dhabi state oil firm ADNOC and Germany's Covestro have received the final outstanding regulatory approval from the German economy ministry for their 14.7-billion-euro takeover deal, the chemicals company said on Friday. Covestro said all closing conditions for the takeover by ADNOC were fulfilled, and that the transaction was expected to close in the coming days.

Previously, the companies had received the EU's conditional approval of the deal after the Commission restarted its investigation into the deal following EU concerns that ADNOC might be using state subsidies to acquire Covestro. Covestro had said that, upon closing of the deal, the company would proceed with a 1.17-billion-euro capital increase for strategic investment and further execution of its sustainability programme.