By Foo Yun Chee BRUSSELS (Reuters) -Abu Dhabi state oil firm ADNOC is expected to gain the EU green light for its 14.7 billion euro ($17 billion) bid for German chemicals company Covestro in the
ADNOC Poised for EU Approval of €14.7 Billion Covestro Acquisition
By Foo Yun Chee
BRUSSELS (Reuters) -Abu Dhabi state oil firm ADNOC is expected to gain the EU green light for its 14.7 billion euro ($17 billion) bid for German chemicals company Covestro in the coming weeks, people with direct knowledge of the matter said.
The European Commission, the EU's competition enforcer, restarted its investigation into the deal on October 24 after stopping the clock on September 3 while waiting for requested information, according to an update on its site on Wednesday.
It set a new deadline of March 2.
ADNOC last month offered to change its articles of association to address EU concerns on its unlimited state guarantee, and also pledged to retain Covestro's intellectual property in Europe.
It subsequently tweaked the latter element following feedback from rivals and customers.
The Commission is likely to sign off on the deal this month, the people said, although the timing could still change.
"XRG does not comment on ongoing regulatory matters and continues to engage constructively with the Commission," ADNOC's international investment arm said.
The deal, ADNOC's biggest acquisition yet and one of the largest foreign takeovers of an EU company by a Gulf state, has sparked EU concerns that the company may be using state subsidies to acquire Covestro.
($1 = 0.8575 euros)
(Reporting by Foo Yun Chee; Editing by Jan Harvey)
