EU Probes UAE Oil Giant’s Purchase Of Germany’s Covestro

The European Commission on Monday announced an investigation into the takeover of German chemical firm Covestro by UAE state oil giant ADNOC, citing competition fears.

“The commission has preliminary concerns that foreign subsidies granted by the United Arab Emirates could distort the EU internal market,” a statement by the bloc’s executive arm said.

Plastics maker Covestro accepted a bid —…