Adnoc’s €12 Billion Covestro Deal Poised to Win EU Approval (1)

Abu Dhabi National Oil Co. is poised to win conditional European Union approval for its €12 billion ($13.8 billion) takeover of Covestro AG after it allayed competition concerns over the deal.

The European Commission is preparing to give the go-ahead in the next few weeks, according to people familiar with the matter, who spoke on condition of anonymity. They added that the decision, which follows a package of antitrust commitments from Adnoc, is currently in draft form and the timing could change.

The planned purchase of Covestro would give Adnoc — the biggest oil producer in the United Arab Emirates ...