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ADNOC-Covestro deal needs EU, UK, US, China and multiple other approvals

By Andrew Boyce ( October 25, 2024, 12:48 GMT | Insight) -- Covestro disclosed today that its takeover by Abu Dhabi National Oil Company needs competition approvals from the EU as well as in “several" other jurisdictions, including the US, UK, Brazil and China. It also needs clearance under the EU's Foreign Subsidies Regulation, which stands out as the biggest hurdle as ADNOC is wholly owned by the Abu Dhabi government.Abu Dhabi National Oil Company’s plan to take over Covestro needs merger approvals from the EU and “several national antitrust authorities” — including the US, UK, Brazil and China....

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