Abu Dhabi National Oil Co. has offered a slate of concessions to address European Union concerns over its €12 billion ($14 billion) takeover of Covestro AG.
The European Commission confirmed it received remedies on Oct. 2, declining to elaborate on details of the offer. It added that despite the concessions being filed, the regulator hasn’t set a new deadline for a decision after it stopped the clock to request further details.
The package of commitments includes a pledge to maintain Covestro’s intellectual property in Europe as well as concessions on the company’s unlimited state guarantee from the UAE, according to people familiar with the matter who spoke on condition of anonymity.
A takeover of Covestro would give Adnoc — the biggest oil producer in the United Arab Emirates — control over a German company that supplies materials for some of the world’s most prominent phone and carmakers. Adnoc would own Covestro through its investment unit XRG, set up in November as the company’s international platform for natural gas, chemicals and energy solutions.
“Following thorough engagement with the European Commission, we have submitted a robust and proportionate package of proposed commitments,” an XRG spokesperson said in an emailed statement. “They represent our disciplined approach as a long-term investor and underscore the strength of this transaction, and we are confident this will lead to timely clearance.”
In July, the commission, the EU’s antitrust arm, opened a full-scale investigation into the Covestro deal under tough new foreign subsidies rules. These are aimed at preventing sovereign states from using their financial muscle to crush competition in the 27-nation bloc.
Commission officials warned at the time that Adnoc’s state funding may give it an unfair advantage over rivals with less-deep pockets.
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