German chemical manufacturer Covestro has reported to regulatory authorities that the Abu Dhabi National Oil Company (ADNOC) has acquired a controlling 95% stake in the firm.
This marks a significant development in ADNOC’s acquisition deal, which is valued at approximately €14.7 billion, and is anticipated to be finalized by the end of the year. ADNOC’s transaction is its largest acquisition to date and stands as one of the most substantial purchases of a company within the European Union by a Gulf state.