ADNOC offers concessions in bid to resolve E.U. probe of $14B Covestro deal

Oct. 06, 2025 11:14 AM ETCovestro AG (CVVTF) Stock, COVTY StockBy: Carl Surran, SA News Editor

Abu Dhabi’s state oil group ADNOC said Monday it offered concessions to the European Union’s competition regulator in a bid to end a probe of the company’s €12 billion (~$14 billion) takeover offer for German plastics maker Covestro (OTCPK:CVVTF) (OTCPK:COVTY).

The package of commitments includes a pledge to maintain Covestro’s (OTCPK:CVVTF) (OTCPK:COVTY) intellectual property in Europe as well as concessions on the company’s unlimited state guarantee from the United Arab Emirates, Bloomberg reported.

A spokesperson for the European Commission said the companies filed remedies to the regulator as part of its investigation but did not disclose any specifics.

The E.C. started investigating ADNOC’s deal for Covestro (OTCPK:CVVTF) (OTCPK:COVTY) in July under a European Union law designed to tackle market distortions caused by companies with heavy subsidizing from non-E.U. governments, and the deal also is under scrutiny by German regulators under rules governing foreign direct investments.

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