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Investing.com -- Shares in German chemicals maker Covestro rose sharply on Thursday after reports that Abu Dhabi National Oil Company (ADNOC) is preparing to make concessions to address European Union concerns about its €14.7 billion ($17.2 billion) takeover bid.
Covestro stock climbed 5.2% by 0956 GMT, putting the shares on track for their best single-day performance in more than a year.
The concessions would likely involve ADNOC converting a proposed €1.2 billion capital increase to a shareholder loan, according to people familiar with the matter. This adjustment comes in response to an EU subsidy investigation into the deal.
The Abu Dhabi state oil giant made its bid for the German chemicals company last year, but the acquisition has faced regulatory scrutiny from European authorities.
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