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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