2 days ago
- Business
- Wall Street Journal
EU Launches Investigation Into Adnoc's $13.7 Billion Acquisition of Covestro
The European Commission launched an investigation into Abu Dhabi National Oil Co.'s 11.7 billion-euro ($13.74 billion) acquisition of Covestro 1COV 0.23%increase; green up pointing triangle, citing concerns that foreign subsidies from the United Arab Emirates could distort the European market.
The executive arm of the European Union said Monday that the possible foreign subsidies include an unlimited guarantee from the UAE, as well as a committed capital increase by the state-owned oil and gas producer into the German chemicals company.