Diaspora vital connectors between India and global innovation ecosystems: MoS (See 'Corp Brief') Srinagar Khel Sankalp affirms unified commitment to athlete-centric sports ecosystem (See 'Corp Brief') IBC - If corporate debtor is solvent & functioning company, then insolvency process invoked only to secure payment of individual dues by initiation of CIRP, amounts to misuse of IBC as recovery mechanism: SC (See 'Legal Desk') Reining in Misuse of IBC for Recovery (See CORP EINSICHT) SAMAVESH Portal, NMBA 2.0, SETU and SMILE Beggary Apps Launched at Chandigarh Shivir (See 'Corp Brief') PMLA - Attachment of a residential property upheld where Act itself permits attachment not only of property directly acquired from proceeds of crime, but also of untainted property representing equivalent value where actual proceeds of crime are unavailable or untraceable: HC (See 'Legal Desk') Veep urges Youth to become Job Creators and Nation-Builders (See 'Corp Brief') CCIC launches 'Soul Threads' - A Heritage Designer Collection Celebrating Artisanal Legacy (See 'Corp Brief') IBC - If statutory authority, during subsistence of moratorium u/s 14, directs bank to place lien on bank accounts of Corporate Debtor, and bank acts on same, it would amount to execution against Corporate Debtor and is barred by Sec 14: NCLT (See 'Legal Desk') IPR - As Constitutional Court under Article 215 of Constitution, appropriate orders are warranted to ensure that its directions are not taken in perfunctory or dismissive manner: HC (See 'Legal Desk') Prohibition of Benami Property Transactions Act, 1988 - Mere involvement of cash does not exclude transaction from ambit of benami, particularly where source is undisclosed & transaction is structured to legitimize unaccounted money during demonetization: SAFEMA Tribunal (See 'Legal Desk') PMLA - Mere fact that some allegations in predicate FIR were quashed, or that attached property was allegedly purchased before crime period, did not invalidate attachment if companies were recipients of proceeds of crime: SAFEMA (See 'Legal Desk')

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CCI approves acquisition of Covestro AG by Abu Dhabi National Oil Co

Published: Dec 11, 2024

By TIOLCorplaws News Service

NEW DELHI, DEC 11, 2024: THE Competition Commission of India (CCI) approved acquisition of Covestro AG by Abu Dhabi National Oil Company.

The proposed transaction relates to the:

(a) acquisition of up to 100% of the share capital of Covestro AG (Covestro) by Abu Dhabi National Oil Company PJSC (ADNOC PJSC), ADNOC International Limited (ADNOC International) and ADNOC International Germany Holding AG (ADNOC Germany) [ADNOC PJSC, together with its subsidiaries and controlled joint ventures forms the ADNOC Group or ADNOC], by way of an all-cash voluntary public takeover offer to all Covestro shareholders (Public Takeover); and

(b) upon closing of the Public Takeover, ADNOC Germany will additionally subscribe to 18,900,000 new shares in Covestro, corresponding to 10% of Covestro's current share capital, by means of a capital increase against cash consideration with exclusion of subscription rights of any remaining minority shareholders of Covestro (Capital Increase).

ADNOC is an energy and petrochemicals group operating across the entire hydrocarbon value chain through a network of fully integrated businesses. ADNOC is principally active in the exploration, production, storage, refining, and distribution of oil and gas, as well as in the development of petrochemical products.

Covestro is a chemical producer that focuses on the supply of high-performance polymer materials and solutions. Covestro operates in two broad segments:

i. Performance Materials which include standard polycarbonates, standard urethane components (including methylenediphenyl diisocyanate, toluene diisocyanate, polyether polyols), and base chemical businesses; and

ii. Solutions and Specialties which include engineering plastics, raw materials for coatings and adhesives, tailored urethanes, thermoplastic polyurethanes, specialty films and elastomers.

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