Adnoc will likely convert the Covestro capital increase to a shareholder loan at market rates. — Reuters
BRUSSELS: Abu Dhabi state oil giant Adnoc is readying remedies to address a European Union (EU) subsidy investigation into its €14.7bil (US$17.2bil) bid for Germany’s Covestro that will likely see it convert a proposed €1.2bil capital hike to a shareholder loan, people familiar with the matter say.
The deal is Adnoc’s biggest ever acquisition and one of the largest foreign takeovers of an EU company by a Gulf state.
