The Abu Dhabi National Oil Company (ADNOC), through its international investment company XRG P.J.S.C., announced on November 21 the receipt of the final outstanding regulatory approval needed for its €14.7 billion acquisition of German chemicals producer Covestro. The final clearance, granted by the German Federal Ministry for Economic Affairs and Energy, means all closing conditions are now satisfied, and the transaction is expected to be finalized within days.
This milestone paves the way for Covestro and XRG to move forward in their strategic partnership, which aims to redefine the chemical industry by advancing innovation, circularity, digitalization, and strengthening leadership in high-growth segments.
Covestro confirmed that following the deal’s closing, the company plans to launch a €1.17 billion capital increase. This capital will support strategic investments and advance the company’s Sustainable Future strategy.
The deal had earlier secured conditional clearance from the European Commission. The Commission reviewed ADNOC’s bid for Covestro as part of its broader regulatory assessment, focusing on competition concerns related to foreign subsidies.
