Germany's economy ministry has given the green light for specialty plastics manufacturer Covestro's takeover by the United Arab Emirates' state-owned energy company.
Covestro and XRG - the investment arm of the Abu Dhabi National Oil Company (ADNOC) - announced on Friday that "all closing conditions of the transaction are fulfilled" after the European Commission approved it last week.
Formerly Bayer’s plastics division before being spun off in 2015, Covestro produces chemicals used in rigid foams for refrigerators and freezers and flexible foams for products such as car seats and mattresses.