The European Commission (EC) has given its seal of unconditional approval to Adnoc’s $16.3 billion takeover of chemicals company, Covestro. The acquisition, which was signed in October 2024, raises no competition concerns due to its “limited impact on competition in the markets where the companies are active,” according to the European Commission.
Adnoc
Adnoc receives EU approval.
The European Commission found in its investigation that, “Adnoc and Covestro mainly operate at different levels of the chemical and petrochemical supply chain, with no meaningful overlap between their respective activities.” With the EC continuing, “The companies would not be in a position to either restrict competitors' access to important inputs or to a sufficient customer base.”
Covestro has also unveiled its Q1 2025 earnings report, showing sales at €3.48 billion ($3.8 billion) compared to €3.51 billion ($3.9 billion).
“The first quarter of the new fiscal year shows that we are remaining on course in a very challenging economic environment — with stable sales but continued pressure on earnings,” said Dr Markus Steilemann, CEO of Covestro CEO. “This encourages us to consistently drive forward our transformation and resolutely continue to implement our ‘Sustainable Future’ strategy.”