The takeover of plastics manufacturer Covestro by the Arab state-owned company Adnoc was approved on 14 November 2025 subject to conditions.

According to a statement by the European Commission, the approval is subject to the condition that Covestro and Adnoc fully implement certain commitments for a period of ten years. Two key conditions must be met for the takeover to go ahead: Firstly, Adnoc must relinquish the unlimited state guarantees it has received from the United Arab Emirates (UAE), as the Commission believes these would distort the EU internal market. According to the Commission, Adnoc has therefore offered to waive the unlimited state guarantee. Secondly, Adnoc undertakes to share Covestro's patents in the field of sustainability with certain market participants on transparent and pre-defined terms. This commitment is intended to benefit competitors who are particularly dependent on access to Covestro's sustainable technologies.
 
Teresa Ribera, Executive Vice-President of the European Commission for a Clean, Fair and Competitive Transition, commented on the decision: "Our assessment has confirmed that the commitments offered by Adnoc are suitable to effectively address potential negative effects, as they provide market participants with access to Covestro's important patents in the field of sustainability. Access to these patents under clear, pre-defined rules will enable others to innovate and conduct research in this area, which is particularly relevant for the future of Europe. We welcome the constructive engagement of ADNOC and Covestro in finding a solution."
 
Sources:

• Press release from the European Commission (14.11.2025)
• Photo: © Covestro