ADNOC's Covestro deal set for EU nod in coming weeks, sources say

Core Viewpoint - Abu Dhabi state oil firm ADNOC is anticipated to receive EU approval for its €14.7 billion ($17 billion) acquisition of German chemicals company Covestro in the near future [1] Group 1: Acquisition Details - ADNOC's bid for Covestro amounts to €14.7 billion, which is equivalent to $17 billion [1] - The acquisition is expected to be finalized in the coming weeks, pending EU regulatory approval [1] Group 2: Market Implications - The approval of this acquisition could signify ADNOC's strategic expansion into the chemicals sector, enhancing its portfolio and market presence [1] - Covestro, as a leading chemicals company, may provide ADNOC with valuable assets and technologies, potentially leading to increased revenue streams [1]