Plastics manufacturer Covestro from Leverkusen was taken over by the state-owned company from Emirates. The EU Commission was worried about losses for its competitors, but is now satisfied with the promises made.
By Björn Finke, Düsseldorf
The first takeover of Dax by Arab countries has cleared a decisive hurdle: On Friday, the EU Commission’s competition watchdog announced that it would approve the purchase of Leverkusen-based plastics maker Covestro by the state oil and gas producer of the United Arab Emirates, albeit with certain conditions. The deal is worth more than 14 billion euros for former Bayer spin-off Covestro. This makes it one of the most expensive purchases of an EU company by an Arab.
