Abu Dhabi National Oil Company (ADNOC) has received conditional approval from the European Commission for its massive €14.7 billion deal with German chemicals company Covestro, the Commission announced.
Reuters reported that the key to approval lies in commitments
made by the parties to the deal to address European regulatory concerns.
This includes ADNOC amending its basic system and opening
Covestro sustainability patents to other market participants.
The report added that European investigations into the acquisition
deal had already been halted last September due to a lack of information.
The Commission then resumed it in late October after the parties provided the required data.
ADNOC’s offer also included a pledge to protect Covestro intellectual property within Europe.
And improving the rules of competition through the proposed amendments.
This is the largest deal of its kind for ADNOC.
It is one of the largest acquisitions ever carried out by a Gulf state against a European company.
