By Edith Hancock
The European Commission approved Abu Dhabi National Oil Co's $12.97 billion acquisition of German chemicals group Covestro, clearing a key regulatory hurdle for the deal to proceed.
The Commission said on Tuesday that the transaction doesn't raise competition concerns, saying that the companies mainly operate at different levels of the chemical and petrochemical supply chain and that they wouldn't be able to restrict rivals' access to inputs or customers.
The United Arab Emirates-based oil producer announced its bid for Covestro last year--valuing the company at around 11.7 billion euros ($12.97 billion)--in a move to become a more fully integrated energy company similar to U.S. majors like Exxon Mobil. The companies notified their deal to the European Union's executive arm for review in March.
Write to Edith Hancock at edith.hancock@wsj.com
(END) Dow Jones Newswires
May 13, 2025 07:19 ET (11:19 GMT)
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