BRUSSELS (Reuters) -Abu Dhabi state oil giant ADNOC is readying remedies to address an EU subsidy investigation into its 14.7 billion euro ($17.2 billion) bid for Germany's Covestro that will likely
ADNOC Nears Completion of EU Remedies for Covestro Acquisition
BRUSSELS (Reuters) -Abu Dhabi state oil giant ADNOC is readying remedies to address an EU subsidy investigation into its 14.7 billion euro ($17.2 billion) bid for Germany's Covestro that will likely see it convert a proposed 1.2 billion euro capital hike to a shareholder loan, people familiar with the matter said.
The deal is ADNOC's biggest ever acquisition and one of the largest foreign takeovers of an EU company by a Gulf state.
ADNOC will likely convert the Covestro capital increase to a shareholder loan at market rates, the people said.
(Reporting by Foo Yun Chee; Editing by Kirsten Donovan)
