SAIL records Highest-Ever December Sales (See 'Corp Brief') Rajiv Ranjan Singh inaugurates Smart Green Aquaculture Farm (See 'Corp Brief') PMLA - It is not the case of the respondent that the petitioner at any point of time was an accused in the investigation or he was evading arrest - Essential requisites of s.73 of CrPC not met - Non-bailable warrants issued stand cancelled: HC (See 'Legal Desk') Railways utilises 80 Percent of CAPEX in First Three Quarters (See 'Corp Brief') Ships built by GSL & other yards are floating symbols of India's sovereignty: RM (See 'Corp Brief') Misc - A litigant cannot be placed in a situation where a statutory right of appeal is rendered illusory on account of procedural or administrative impediments: HC (See 'Legal Desk') Govt announces relaxation for Deep-Tech Startups for DSIR recognition (See 'Corp Brief') ICAR directed to set up laboratory for turmeric testing in Erode (See 'Corp Brief') SEBI - Levy of penalty shall commensurate to disproportionate gain or unfair advantage or loss caused to investor: SEBI (See 'Legal Desk') Fixed-Term Employment fixed under New Labour Codes (See CORP EINSICHT) Competition Law - When opposite party is not dominant in relevant market, question of abuse of dominant position u/s 4 of Competition Act does not arise: CCI (See 'Legal Desk') NTPC Western Region-I signs MoA with Gujarat Cancer & Research Institute (See 'Corp Brief') PMLA - COVID-19 limitation extension was intended to cover all proceedings, including those under PMLA: SAFEMA (See 'Legal Desk') Coal Output surges as Captive and Commercial Mines Perform Strongly (See 'Corp Brief') IBC - Non- stamping or insufficient stamping of one of documents relied upon by creditor does not impede initiation of insolvency resolution process, which differs from enforcement action: NCLT (See 'Legal Desk') National Textiles Ministers' Conference to be held in Guwahati (See 'Corp Brief') IBC - Penalty can be levied if lapses demonstrated non-compliance with statutory and regulatory obligations incumbent on IP, undermining interests of stakeholders and integrity of insolvency process: IBBI (See 'Legal Desk')

Print

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.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.