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Commission opens in-depth foreign subsidies investigation into ADNOC's acquisition of Covestro

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The European Commission has opened an in-depth investigation to assess, under the Foreign Subsidies Regulation (‘FSR'), the acquisition by Abu Dhabi National Oil Company (ADNOC) PJSC (‘ADNOC') of Covestro. The Commission has preliminary concerns that foreign subsidies granted by the United Arab Emirates (‘UAE') could distort the EU internal market.

ADNOC is a State-owned oil and gas producer based in the UAE. Covestro is a chemicals producer based in Germany.

The preliminary investigation indicates that ADNOC and Covestro may have received foreign subsidies distorting the EU internal market.

The Commission now has 90 working days, until 2 December 2025, to take a decision. The opening of an in-depth investigation does not prejudge the outcome of the investigation.

A press release is available online.

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