ADNOC seeks EU okay under foreign subsidies rules for Covestro deal
BRUSSELS, May 15 (Reuters) - Abu Dhabi state oil giant ADNOC on Thursday sought EU approval under the bloc's foreign subsidies rules for its 14.7-billion-euro ($16.4 billion) acquisition of German chemicals company Covestro (1COVG.DE), opens new tab, according to a filing on the European Commission site.
ADNOC, which last week won the green light under EU merger rules for the deal, is making its biggest ever acquisition, underscoring Middle East countries' diversification of their investments to reduce their dependence on oil.
The EU's Foreign Subsidies Regulation (FSR) takes aim at unfair foreign aid for companies with the goal of reining in competition from non-EU companies subsidised by their governments.
The European Commission, which acts as the antitrust regulator for the 27-country bloc, set a June 24 deadline for its decision.
It can open a full-scale investigation after 25 working days if it has serious concerns. Such a so-called in-depth probe would take 90 working days, which can be extended by 3 weeks if companies offer remedies to address concerns.
Last year, a bid by UAE telecoms group e& (EAND.AD), opens new tab for parts of Czech telecoms company PPF's assets was only cleared after it offered to remove an unlimited state guarantee and agreed not to provide foreign subsidies to the merged entity.
The case was the first full-scale probe under the FSR.
($1 = 0.8945 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
3 hours ago
- The Sun
Man City vs Al Ain: Get up to £40 free bets to spend on football with talkSPORT BET
MANCHESTER CITY can make it two wins from two Club World Cup games when taking on Al Ain on Monday morning. And brand new talkSPORT BET customers can claim up to £40 in free bets when they register an account and stake at least £20 on the game. How to claim talkSPORT BET offer talkSPORT BET Visit the talkSPORT website HERE* Create an account and Opt In to this promotion via the OFFERS tab Make a deposit Place your first bet up to £40, minimum £20, on any football market, at odds of Evens or greater You must do this within 7 days of registration Once that's settled - win or lose - your account will be credited with up to £40 free bets based on your first bet For example, if you stake £20, you will receive 4 x £5 free bets If you stake £40 you would receive the full 4 x £10 free bets talkSPORT BET: Get up to £40 in free bets - Claim Here* What's the offer? Brand new talkSPORT BET customers can claim a welcome bonus of up to £40 when they register an account. How to claim? Simply visit the talkSPORT BET website on your mobile device and create an account. Opt in to this promotion via the OFFERS tab and then make a deposit via debit card or Apple Pay. Stake £20 or more on any football market at odds of at least Evens. Remember, you must do this within 7 days of opening your account. What happens next? Once that's settled - win or lose - your account will be credited with up to £40 free bets based on your first bet bet. For example, if you stake £20, you will receive 4 x £5 free bets. If you stake £40 you would receive the full 4 x £10 free bets: On settlement of your qualifying bet, your account will be credited with the following: £10 free bet - Bet Builder (if your qualifying bet is £20, you will only receive a £5 free bet) £10 free bet - Correct Score (if your qualifying bet is £20, you will only receive a £5 free bet) And the following free bets, which will be credited 24 hours after the first bonus funds: £10 free bet - To Win and Both Team to Score - 90 mins (if your qualifying bet is £20, you will only receive a £5 free bet) £10 free bet - Acca 4+ selection (if your qualifying bet is £20, you will only receive a £5 free bet) You can read the full breakdown of free bets and more on how to claim talkSPORT BET's welcome offer here* *18+ New customers only. Opt in via mobile device, bet up to £40 (min. £20) on any football market at odds of 2.00+, in 7 days. Get up to £40 in free bets on selected markets. Bonuses expire in 7 days. T&Cs apply. | Please gamble responsibly Remember to gamble responsibly A responsible gambler is someone who: Read our guide on responsible gambling practices. For help with a gambling problem, call the National Gambling Helpline on 0808 8020 133 or go to to be excluded from all UK-regulated gambling websites.
Auto Blog
8 hours ago
- Auto Blog
Audi May Take Drastic Action To Dodge Tariffs
German Media Fears Massive Costs The ongoing uncertainty around how bad tariffs may get ahead of the July 9 deadline for agreement, for European automakers in particular, is no reason to stay idle. Regardless of what the final impact will be, tariffs aren't going anywhere anytime soon, and according to German magazine Der Spiegel, Audi is considering building a production facility somewhere in the southern U.S. to minimize the effects. But it's not an easy call to make. As noted by Automotive News, building a plant here would be 'the more expensive option out of a number of scenarios being considered, with company sources estimating costs of up to €4 billion (approximately $4.6 billion). So will it happen anyway? An Audi spokesperson has confirmed that the automaker intends to build its U.S. presence, but that's typical non-committal public relations speak. 0:04 / 0:09 Walmart is selling a 'heavy duty' $89 step ladder for $48, and shoppers say it's 'sturdy and secure' Watch More Audi Will Make A Decision This Year, Probably Source:'We are currently examining various scenarios for this. We are confident that we will make a decision this year in consultation with the [Volkswagen] Group on how this will look in concrete terms,' the spokesperson wrote in an email. Audi has been rumored to be examining the viability of a U.S. plant for several years, but up until now, the automaker has been performing relatively well in America, although Audi's 2024 sales showed a sharp year-on-year decline of 14%, indicating that changes must be made somewhere, regardless of current or future tariff measures. To help effect that change, Audi is working on a fresh new design language, and U.S. manufacturing (or at least assembly) may help future arrivals find broader appeal with competitive pricing. BMW has been producing cars in South Carolina since 1994, and in those 30-odd years, it's grown to become the largest automotive exporter by value in the U.S. Perhaps Audi would benefit from a similar approach. Where Audi Could Put Down Roots As part of the Volkswagen Group, Audi wouldn't necessarily have to start from scratch. The VW brand operates a plant in Chattanooga, Tennessee, where the ID.4 EV and the Atlas and Atlas Cross Sport SUVs are produced, and its Scout Motors brand is building one in Columbia, South Carolina. But that's it – Porsche won't be moving production to America because its sales volumes would not justify such extensive investment, and its customer base is not unused to absorbing exorbitant price increases. As we noted earlier, Audi hasn't made a decision yet because it's exploring other options. One of those reportedly is to negotiate a tariff import deal with the U.S. government, which compatriot automakers BMW, Mercedes-Benz, and VW are said to be collaboratively pursuing alongside the Ingolstadt-based manufacturer. BMW and Mercedes are the only exporters in this group, but all have made significant investments in the U.S. About the Author Sebastian Cenizo View Profile
Times
12 hours ago
- Times
Florian Wirtz: Liverpool sign Bayer Leverkusen star on five-year deal
Florian Wirtz has revealed how Arne Slot's vision for Liverpool persuaded him to join the club for what could become a British-record transfer fee of £116million. The Germany playmaker admitted there was a time when he 'didn't expect Liverpool to be his next club', only for the power of the club's sales pitch to convince him to leave Bayer Leverkusen and reject interest from Manchester City and Bayern Munich. Wirtz also spoke of the profound effect that losing 4-0 at Anfield with Leverkusen in the Champions League last November had upon him as he described Liverpool as 'machines'. Liverpool have paid £100million for the attacking midfielder, with a further £16million dependent on bonuses, and their summer outlay will continue as they have agreed to sign the Bournemouth left back Milos Kerkez in a £40million deal. That will take the spending beyond £200million, of which Wirtz is the undoubted centrepiece, with the 22-year-old confident he will continue to develop under the tutelage of Slot. 'I just thought that it was the right point in my career to make the next step and, of course, I wanted to get to a club that is from the top three in the world, and Liverpool was one of them,' he said. 'The people say I'm a creative player and I hope I can bring this creativity to the team and also the joy on the pitch. I try to make assists, goals and run for the team and defend. I hope I can just make the team one step better. 'I just saw myself in the best hands in Liverpool. I was really convinced by the people here, by the idea, and everything the club offers me was really good. It was not that easy for me, for sure, because I am a German player. I play for the Germany national team. 'So it was not easy for me to decide, but the talks with the coach [Arne Slot] and Richard [Hughes, sporting director] and everybody were, from the very first time, so good and it just kept going like this. 'Every time I spoke to one of the [people from] the club I felt like, 'This is the place I want to be,' and so in the end I was really 100 per cent convinced I want to join Liverpool and it was the best choice. 'I can remember the first time, he [Slot] already showed me some scenes of how we want to play and how I could fit in the team. He was just telling me that I'm a player he really wants to have in his team and can bring the team a step forward. I just could imagine it [being] good to be in the team and to make it better because I have to make my performances every week — but I'm here for this. 'I was the first one in my family who was really into this club when they spoke to us or told us that they are interested in signing me. For sure, I didn't expect that Liverpool will be my next club but my family was supporting me and I didn't have to convince them about the club or something. 'I'm not coming [to] have fun here. I want to achieve something and give the fans what they deserve. Last season they won the Premier League so my goal is, for sure, to win it again and also to go further in the Champions League. I'm really ambitious.' Wirtz referenced the defeat Leverkusen endured last season and said he had watched both the title celebrations against Crystal Palace and the end-of-season parade and had been wowed by the joyous scenes. He had flown into Manchester airport on Thursday before beginning a medical that he completed on Friday. Wirtz will return for pre-season training on July 8. 'It was really tough to play here,' Wirtz continued, during an interview with Liverpool's website. 'I was still thinking about the game when I spoke to the coach or the other guys. It was an example [of] how it can be here. We lost 4-0 and we had to run so much and lost almost every duel. I just wanted to be part of this team. 'Inside me, I was feeling this quality of the team and also the size of the club. Inside me, I was always thinking about this game. I could remember how it was playing here.' Should the bonuses be triggered, the Wirtz transfer would outstrip the present British record of £115million, paid by Chelsea to Brighton & Hove Albion for Moisés Caicedo in 2023. Liverpool will look to finalise Kerkez's transfer next week and have already spent £29.5million on signing Jeremie Frimpong, who was Wirtz's team-mate at Leverkusen and taught him to speak English. A similar fee has been paid for the Valencia goalkeeper Giorgi Mamardashvili and £1.5million has been spent on another goalkeeper, Armin Pecsi of Puskas Akademia. With Jarell Quansah set to join Leverkusen in a deal worth about £35million when his participation with England in the European Under-21 Championship is over, there is also interest in Palace's Marc Guéhi. Bournemouth want at least £65m for PSG target Zabarnyi Bournemouth have valued Illia Zabarnyi at more than £65million in talks to sell the centre back to Paris Saint-Germain (Gary Jacob writes). The French club made an increased offer worth up to £55million for Zabarnyi, who signed a five-year contract last summer that does not have the type of release clause that allowed his defensive partner Dean Huijsen to join Real Madrid for £50million last month. PSG made a first offer of £40million plus £5million in add-ons for the 22-year-old. Zabarnyi cost £24million from Dynamo Kyiv in January 2023. West Ham United want about £25million for Nayef Aguerd after interest in the centre back from Juventus. Aguerd, 29, has two years left on his contract and was on loan at Real Sociedad last season. He joined from the French club Rennes for about £30million, including add-ons, in 2022. Southampton have rejected Atalanta's increased £12million offer for Kamaldeen Sulemana, the winger. The Atalanta head coach, Ivan Juric, stood down as Southampton manager in April after the club were relegated from the Premier League.
