The European Commission has initiated a thorough investigation into the €14.7 billion acquisition of German chemical behemoth Covestro by the United Arab Emirates' Abu Dhabi National Oil Company (ADNOC). The Commission's primary concern revolves around the potential distortion of competition in the EU market due to subsidies from the UAE government. This inquiry, conducted under the auspices of the Foreign Subsidies Regulation, will meticulously evaluate whether ADNOC's offer, fueled by foreign subsidies, constitutes a non-market-based proposition, thereby adversely affecting the EU market. ADNOC has responded by asserting that the transaction will enrich the European industrial landscape and underscored its strategic ambitions of international expansion and transition into high-value-added industries. The investigation is expected to culminate on December 2, 2025, and any violations of regulations could lead to the delay or modification of the transaction.