ADNOC Wins Unconditional EU Antitrust Approval for Covestro Deal
Deal News | May 13, 2025 | Zawya
ADNOC, a state-owned oil giant based in Abu Dhabi, has obtained unconditional approval from the European Union's antitrust authority for its acquisition of Germany's Covestro, a chemicals company. The deal, valued at 14.7 billion euros ($16.3 billion), has been confirmed as ADNOC's largest acquisition to date. The European Commission determined that the transaction would not significantly affect competition in the relevant markets. This acquisition aligns with Middle Eastern countries' broader strategy to diversify away from oil dependency amid the global shift toward cleaner energy solutions.
Sectors
- Energy
- Chemicals
Geography
- United Arab Emirates – ADNOC, the acquiring company, is based in Abu Dhabi, UAE.
- Germany – Covestro, the target company, is located in Germany.
- European Union – The EU's antitrust authority reviewed and approved the transaction.
Industry
- Energy – ADNOC is a major player in the oil industry, and its acquisition activities are significant in the energy sector.
- Chemicals – Covestro is a German chemicals company, and its acquisition is directly relevant to the chemicals industry.
Financials
- 14.7 billion euros – The acquisition deal value for Covestro by ADNOC.
- $16.3 billion – The equivalent value in U.S. dollars for the Covestro acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ADNOC | Bidding Company | Company | Abu Dhabi National Oil Company, a state-owned energy entity in the UAE. |
| Covestro | Target Company | Company | A German company specializing in high-tech polymer materials and chemicals. |