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ADNOC’s curious EU foreign-subsidy remedy creates more questions than answers

By Nicholas Hirst, Andrew Boyce and Lewis Crofts ( November 21, 2025, 14:45 GMT | Comment) -- The outcome of the EU's foreign-subsidy review of Abu Dhabi National Oil Company's Covestro acquisition has few lessons to offer dealmakers in the way of certainty, given that the concessions extracted appeared to have little if any connection to the harm identified. For the European Commission, the logic may have been clear that the EU's green transition will benefit, but its second Foreign Subsidy Regulation remedy case will puzzle others.Dealmakers looking to the review of Abu Dhabi National Oil Company's Covestro acquisition for guidance on how the EU’s rules on foreign subsidies will be applied are likely to come away scratching their heads....

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