Adnoc's $13 Billion Bid for Germany's Covestro Approved by EU

Dow Jones

05/13

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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The companies notified their deal to the European Union's executive arm for review in March. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Edith Hancock at edith.hancock@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 13, 2025 07:19 ET (11:19 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Adnoc's $13 Billion Bid for Germany's Covestro Approved by EU</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAdnoc's $13 Billion Bid for Germany's Covestro Approved by EU\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2025-05-13 19:19</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Edith Hancock \n</p>\n<pre>\n \n</pre>\n<p>\n  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. \n</p>\n<p>\n  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. \n</p>\n<p>\n  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. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Edith Hancock at edith.hancock@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 13, 2025 07:19 ET (11:19 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0068578508.USD","symbol_name":"First Eagle Amundi International Cl AU-C USD","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2535729476","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2535729476","pubTimestamp":1747135140,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"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 --in a move to become a more fully integrated energy company similar to U.S. majors like Exxon Mobil. 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The companies notified their deal to the European Union's executive arm for review in March. \n\n\n \n\n\n  Write to Edith Hancock at edith.hancock@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 13, 2025 07:19 ET (11:19 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}