Abu Dhabi state oil firm ADNOC and Germany’s Covestro have received the final outstanding regulatory approval from the German economy ministry for their 14.7 billion euro ($16.9 billion) takeover deal, the chemicals company said on Friday.
Covestro said all closing conditions for the takeover by ADNOC were fulfilled, and that the transaction was expected to close in the coming days.
Last week, the companies received the EU’s conditional approval of the deal after the Commission restarted its investigation into the deal following EU concerns that ADNOC might be using state subsidies to acquire Covestro.
Covestro said that, upon closing of the deal, the company would proceed with a 1.17 billion euro capital increase for strategic investment and reorganization plans.
Covestro shares were up 0.66% as of 1358 GMT. ($1 = 0.8681 euros)
(Reporting by Bartosz Dabrowski in Gdansk, Editing by Friederike Heine)
