Covestro: EU reviews takeover by Adnoc

The Arab state-owned company may have benefited from subsidies, which could have deterred competitors from bidding for Covestro, the Brussels authority said on Monday. Furthermore, the German company could receive state subsidies following the takeover, which would distort the European internal market.

The Commission initially approved the acquisition under competition law in May. At the time, it stated that the deal "did not raise any competition concerns." There were "no significant overlaps" between the two companies' business areas.