Adnoc’s $13bn purchase of German chemicals firm Covestro is making progress once again. The European Commission confirmed on 2 October that Adnoc had submitted remedies to address concerns under the foreign subsidies regulation (FSR) investigation.
The FSR process has dragged on longer than most expected, but talks became more constructive in recent weeks, leading to Adnoc’s international investment arm, XRG, submitting the remedies (MEES, 26 September). Sources are confident that the remedies will be sufficient to secure FSR approval. MEES understands that XRG is not providing the EC with everything that they have requested, but that it is confident it is providing sufficient reassurances. (CONTINUED – 286 WORDS)
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