EU Pauses Probe Into ADNOC’s Covestro Bid
Across the Atlantic, European Union regulators have pressed pause on their scrutiny of Abu Dhabi oil giant ADNOC’s $17.1 billion acquisition of German chemicals producer Covestro.
The deal, ADNOC’s largest to date, has drawn concern over potential state subsidies. Regulators are holding “constructive talks” with ADNOC as they consider remedies.
Malaysia Port Operator’s IPO Faces Valuation Clash
In Southeast Asia, MMC Port Holdings, Malaysia’s leading port operator, has run into choppy waters. Investor valuations range from $5 billion to $6 billion, well below the company’s hoped-for $8 billion to $10 billion, the Wall Street Journal reports.
Despite the mismatch, MMC is still expected to push ahead with a listing later this year once cornerstone investors are secured.
ExxonMobil Weighs Selling Europe Plants
Lastly, ExxonMobil may offload chemical plants in Scotland and Belgium, eyeing up to $1 billion in proceeds. Facing pressure from U.S. tariffs and cheaper Chinese competition, the oil giant is exploring sales or even closures to stay competitive in Europe.
