EU set to approve ADNOC's $17 billion Covestro deal with remedy tweaks, sources say

Abu Dhabi state oil firm ADNOC is set to secure EU approval for its 14.7-billion-euro ($16.98 billion) bid for German chemicals company Covestro, with EU regulators likely to seek tweaks to remedies provided earlier this month, sources with direct knowledge of the matter said.

The European Commission is examining the deal, ADNOC's biggest acquisition yet and one of the largest foreign takeovers of an EU company by a Gulf state, over concerns that ADNOC may be using state subsidies to acquire the chemicals company.