In what could become one of Europe’s most significant energy-chemicals tie-ups, Abu Dhabi National Oil Co. (ADNOC) is poised to secure the European Commission’s blessing for its €14.7 billion ($17.1 billion) acquisition of German chemical giant Covestro, according to a Reuters report released Tuesday.

The approval would mark ADNOC’s largest-ever acquisition, a bold stride in its global diversification strategy beyond crude oil and into advanced materials. EU regulators have been scrutinizing the transaction over concerns that ADNOC might be leveraging state-backed subsidies to power its takeover.

To ease those fears, ADNOC reportedly offered to revise its articles of association, removing any clauses tied to unlimited state guarantees, and pledged to keep Covestro’s intellectual property within Europe—a move seen as a goodwill gesture toward regulators.

The deal, initially unveiled in October 2024, proposed a voluntary public takeover at €62 per share, giving Covestro’s shareholders a premium offer amid market volatility in the chemicals sector.

Enagas Weighs Stake in French Gas Operator Terega

Meanwhile, the European energy chessboard continues to shift. Spanish grid operator Enagas is reportedly mulling over the purchase of a 32% stake in French gas transmission firm Terega from Singapore’s GIC for about €600 million, valuing Terega at roughly €4 billion, including debt.

Both companies already collaborate on hydrogen and gas interconnection projects linking Spain and France—efforts seen as vital to Europe’s green energy goals. While the discussions remain fluid, industry observers say the move could deepen cross-border energy integration in the continent’s rapidly evolving market.

Apollo Reignites Takeover Battle for Papa John’s

Across the Atlantic, private equity powerhouse Apollo Global Management has turned up the heat in its pursuit of Papa John’s, boosting its offer from $60 to $64 per share, according to Reuters.

The latest bid—co-led by Irth Capital Management—comes amid growing interest from activist investors eager to take a slice of the global pizza chain. Founded in 1984, Papa John’s now operates nearly 6,000 restaurants across 50 countries, making it a tempting target in the fast-casual food sector.

Foxconn Hits a Wall in German Auto Deal

Elsewhere, Taiwanese electronics titan Foxconn faces a snag in its long-anticipated bid to acquire a stake in ZF Group’s powertrain unit, Division E. A “substantial mismatch” in valuation and unexpected debt levels have stalled negotiations, Reuters reported Wednesday.

Foxconn’s due diligence pegged Division E’s value between €1.5 billion and €2.5 billion, far below ZF’s previous €3.5 billion estimate, prompting the German supplier to cancel its planned spinoff earlier this month.

Chobani’s Valuation Soars to $20B After Fresh Funding

Rounding out the week’s major deal activity, Chobani’s valuation skyrocketed to $20 billion following a $650 million funding round, per The New York Times’ DealBook.

The yogurt maker plans to channel the funds into two U.S. manufacturing projects—a $500 million expansion in Idaho and a $1.2 billion facility in Rome, New York—to meet soaring demand for its products. With projected $3.8 billion in annual net sales, up 28% from last year, Chobani’s growth narrative continues to sweeten investors’ appetites.