ADNOC Wins Unconditional EU Antitrust Approval for Covestro Deal

SEATTLE (Oil Monster): Abu Dhabi state oil giant ADNOC on Tuesday won unconditional EU antitrust approval for its 14.7 billion euro ($16.3 billion) takeover of German chemicals company Covestro , confirming an earlier Reuters exclusive.

"The Commission concluded that the notified transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active," said the European Commission in a statement.

The deal, ADNOC's biggest ever, underscores Middle East countries' plans to diversify their investments and reduce dependence on oil amid the global transition to cleaner energy.

Courtesy: www.reuters.com