Core Viewpoint - The acquisition of Covestro by ADNOC for €14.7 billion (approximately 121.7 billion yuan) is under investigation by the EU due to foreign subsidy concerns, with a final decision deadline set for December 2, 2025 [1][2]. Group 1: Acquisition Details - The acquisition deal began in October 2024, with ADNOC's commitment to future development leading to the signing of the agreement with Covestro [4]. - If successful, ADNOC will gain significant production capacities, including 1.59 million tons/year of PC, 1.77 million tons/year of MDI, and 830,000 tons/year of TDI [6]. - Covestro's portfolio includes low-carbon materials that align with ADNOC's clean energy strategies, enhancing its competitive position against major players like BASF and SABIC [7]. Group 2: Strategic Intentions - ADNOC aims to extend its petrochemical value chain into high-end materials, leveraging Covestro's customer networks in automotive and renewable energy sectors to mitigate traditional energy market volatility [5]. - ADNOC has allocated $150 billion for external investments, indicating a proactive approach to acquiring quality assets during challenging market conditions [9]. - The company is also planning to establish a world-class chemical complex in Al Dhafra, with an initial investment of $1.7 billion to build a green methanol plant [10]. Group 3: Covestro's Recent Developments - Covestro has been actively launching new products and forming partnerships, including a new series of post-consumer recycled polycarbonate and collaborations with major automotive companies [11]. - The company is expanding its production capabilities, with recent investments in facilities in the U.S. and Europe to meet growing demand in various sectors [13].