The European Commission has announced that it has approved the acquisition of sole control of Covestro AG (Germany) by Abu Dhabi National Oil Company P.J.S.C. ('ADNOC') (United Arab Emirates).
The transaction mainly concerns the supply of chemicals and high-performance polymer materials and solutions.
The Commission concluded that the notified transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active.
The market investigation confirmed, in particular, that ADNOC and Covestro operate mainly at different levels of the chemical and petrochemical supply chain, with no significant overlap between their respective activities.
The Commission also found that, following the transaction, the companies would not be able to restrict their competitors' access to important inputs or to a sufficient customer base.
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Covestro AG is a Germany-based company engaged in the manufacturing of polymer materials. It develops, produces and markets polyurethanes, polycarbonates and raw materials, as well as coatings, adhesives and other specialties. The Company's activities are divided into three segments: Polyurethanes, offering precursors, such as flexible polyurethane foam primarily used in the furniture and automotive industries, and rigid foam used as insulating material in the construction industry and in refrigeration chains; Polycarbonates, providing plastic polycarbonates in the form of granules, composite materials, and semi-finished products for use in the automotive, construction, medical technology, lighting industries, among others; and Coatings, Adhesives, Specialties, producing precursors for coatings, adhesives, sealants and specialties, as well as polymer materials and aqueous dispersions for use in automotive and transportation, wood processing and furniture applications, among others.
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