The planned purchase of German chemicals firm Covestro by Adnoc’s international subsidiary XRG was intended as a major demonstration of intent for the Abu Dhabi firm as it aims to build a “top three global chemicals platform” (MEES, 4 October 2024).
However, the European Commission has concerns that foreign subsidies granted by the United Arab Emirates (‘UAE’) could distort the EU internal market,” and this has raised concerns over whether the deal will secure EC Foreign Subsidies Regulation (FSR) clearance (MEES, 1 August). (CONTINUED - 205 WORDS)