欧盟出手！千亿级化工并购案起波折

Core Viewpoint - The acquisition of Covestro by ADNOC faces challenges as the European Commission has initiated a "foreign subsidies" investigation to assess the compliance of the deal with the Foreign Subsidies Regulation (FSR) [1] Group 1: Acquisition Details - ADNOC plans to acquire all issued shares of Covestro for approximately €11.7 billion, with an additional €3 billion in debt, bringing the total transaction value to €14.7 billion (around ¥114 billion) [2] - Covestro will issue 10% of new shares to accept ADNOC's capital injection of €1.17 billion [2] - The transaction has already passed the traditional merger review process by the EU in May [2] Group 2: Regulatory Concerns - The European Commission's preliminary investigation indicates concerns that subsidies from the UAE may distort the EU internal market [1] - The investigation will evaluate whether the foreign subsidies received by ADNOC could lead to an acquisition at an inflated price, potentially hindering other investors from participating [1] - The EU will also assess the potential negative impacts of the merged entity's operations on the EU internal market post-acquisition [1] Group 3: Company Background - ADNOC, based in the UAE, aims to position its subsidiary XRG among the top five global chemical companies, making this acquisition a significant step towards that strategic goal [3] - Covestro, headquartered in Germany, was spun off from Bayer Group in 2015 and has projected sales of €14.2 billion for 2024, operating 46 production sites globally with approximately 17,500 employees [3]