Latest news with #foreignsubsidies
Zawya
6 days ago
- Business
- Zawya
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)
Zawya
16-05-2025
- Business
- Zawya
ADNOC seeks EU okay under foreign subsidies rules for Covestro deal
BRUSSELS - Abu Dhabi state oil giant ADNOC on Thursday sought EU approval under the bloc's foreign subsidies rules for its 14.7-billion-euro ($16.4 billion) acquisition of German chemicals company Covestro, according to a filing on the European Commission site. ADNOC, which last week won the green light under EU merger rules for the deal, is making its biggest ever acquisition, underscoring Middle East countries' diversification of their investments to reduce their dependence on oil. The EU's Foreign Subsidies Regulation (FSR) takes aim at unfair foreign aid for companies with the goal of reining in competition from non-EU companies subsidised by their governments. The European Commission, which acts as the antitrust regulator for the 27-country bloc, set a June 24 deadline for its decision. It can open a full-scale investigation after 25 working days if it has serious concerns. Such a so-called in-depth probe would take 90 working days, which can be extended by 3 weeks if companies offer remedies to address concerns. Last year, a bid by UAE telecoms group e& for parts of Czech telecoms company PPF's assets was only cleared after it offered to remove an unlimited state guarantee and agreed not to provide foreign subsidies to the merged entity. The case was the first full-scale probe under the FSR. ($1 = 0.8945 euros)
Reuters
09-05-2025
- Business
- Reuters
US opens national security probe into imported commercial jets, engines
WASHINGTON, May 9 (Reuters) - The U.S. Commerce Department said Friday it has opened a national security investigation into the import of commercial aircraft, jet engines and parts. The investigation, which was opened on May 1 but not publicly disclosed previously, seeks public comment within three weeks on a series of comments on "the impact of foreign government subsidies and predatory trade practices on the competitiveness of the commercial aircraft and jet engine industry."
