ADNOC-Covestro and the Art of FSR Negotiation: Trading Subsidized Capital for a Green Remedy
In November 2025, the European Commission approved ADNOC’s acquisition of Covestro under…
What Are Valuation Ratios?
As lawyers, you are trained to focus on facts, contracts, and liabilities.…
Conditional EU Approval for ADNOC’s Covestro Acquisition
The European Commission has conditionally approved the acquisition of Covestro AG by…
The Covestro–ADNOC €1.17 Billion Question: Equity or Loan?
As the European Commission’s Foreign Subsidies Regulation (FSR) review of ADNOC’s acquisition…
ADNOC Prepares Remedies to Address EU Subsidy Probe into Covestro Takeover
Abu Dhabi National Oil Company (ADNOC) is finalising proposed remedies aimed at…
Covestro’s 10% Drop: Merger Arbitrage Opportunity or Value Trap?
Covestro is in the middle of a takeover by ADNOC, but the…
Covestro Falls 9% After ADNOC Blasts EU’s “Disproportionate” Demands
Abu Dhabi National Oil Company (ADNOC) has sharply criticized the European Commission…
UAE, M&A and EBITDA: Lessons From EU’s Foreign Subsidies Regulation
When the European Commission launched its Foreign Subsidies Regulation (FSR) in 2023,…
When Capital Injections Raise Regulatory Red Flags
A capital increase is when a company issues new shares to raise…
European Commission’s Problem with Numbers and Transparency
The European Commission is one of the world’s leading antitrust authorities, with…
Why Brussels Is Looking at EBITDA to Police Subsidies
This profitability metric can play an important role under the Foreign Subsidies…
How ADNOC’s Capital Injection Changes Covestro’s Financial Metrics— And Why It Matters
Covestro is getting a much-needed capital boost. As part of its planned…