ADNOC's Landmark Acquisition of Covestro for $16.4 Billion Gains CCI Approval

The Competition Commission of India approved ADNOC's acquisition of Covestro for $16.4 billion. ADNOC will acquire 100% of Covestro’s shares via a public takeover. Following the takeover, ADNOC Germany will subscribe to new shares, increasing Covestro’s share capital by 10% amidst regulatory scrutiny to ensure fairness in business practices.

The Competition Commission of India (CCI) has given its nod to Abu Dhabi National Oil Company's (ADNOC) ambitious plan to acquire Covestro for a staggering USD 16.4 billion.

This transaction is set to involve ADNOC's complete acquisition of Covestro AG's share capital through an all-cash voluntary public takeover, reflecting a strategic expansion of ADNOC's energy and petrochemical operations.

Post-takeover, ADNOC Germany is poised to infuse additional capital into Covestro, subscribing to 1.89 crore new shares, thereby raising Covestro's share capital by 10%. The regulatory oversight ensures maintenance of fair competition across markets.

(With inputs from agencies.)