ADNOC and Covestro deal review suspended as EU awaits more information
BRUSSELS - EU regulators have paused their review of Abu Dhabi state oil giant ADNOC's 14.7 billion euro ($16.7 billion) acquisition of German chemicals company Covestro while awaiting information from the companies.
The deal, approved under EU merger rules last month, is now being scrutinised under the bloc's Foreign Subsidies Regulation (FSR), which takes aim at unfair foreign aid for companies.
The European Commission said it stopped the clock on May 28.
"Once the missing information is supplied by the parties, the clock is re-started and the legal deadline for the Commission's decision is then adjusted accordingly," a Commission spokesperson said.
Its previous deadline for its decision was June 24.
($1 = 0.8787 euros)
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