Abu Dhabi's ADNOC gets CCI clearance to acquire Covestro for $16.4 bn

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Abu Dhabi's ADNOC gets CCI clearance to acquire Covestro for $16.4 bn - Business Standard

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"Upon closing of the public takeover, ADNOC Germany will additionally subscribe to 1.89 crore new shares in Covestro, corresponding to 10 per cent of Covestro's current share capital, by means of a capital increase against cash consideration with the exclusion of subscription rights of any remaining minority shareholders of Covestro," the Competition Commission of India (CCI) said in a release.

"The proposed transaction relates to the acquisition of up to 100 per cent of the share capital of Covestro AG by ADNOC PJSC, ADNOC International Ltd and ADNOC International Germany Holding AG (ADNOC Germany) by way of an all-cash voluntary public takeover offer to all Covestro shareholders.

Fair trade regulator CCI on Tuesday said it has approved Abu Dhabi National Oil Company's (ADNOC) proposal to acquire Covestro for USD 16.4 billion.