The chemicals company said on Friday that Abu Dhabi state oil company ADNOC and Germany’s Covestro have obtained the final outstanding regulatory approval from the German economy ministry for their 14.7-billion-euro ($16.9 billion) takeover agreement.
According to Covestro, all the conditions of closing down the takeover by ADNOC were met, and the entire transaction was likely to close in the next few days.
The agreement was conditionally approved by the EU for the companies last week after the Commission resumed its inquiry into the deal following EU apprehensions that ADNOC was using the state subsidies to acquire Covestro.
When the deal was closed, Covestro stated that the company would undertake a 1.17-billion-euro capital increase to pursue strategic investment and reorganization plans.
However, the Covestro shares increased by 0.66 percent at 1358 GMT.
