Does the European Commission’s (Commission’s) second conditional approval under the Foreign Subsidies Regulation (FSR) signal a new approach to sustainability issues in EU merger cases? On November 14, 2025, the Commission approved the acquisition of Covestro AG (Covestro), formerly Bayer Material Science AG – a German producer of advanced plastics and chemical materials – by Abu Dhabi National Oil Company PJSC’s (ADNOC’s) – the national oil company of Abu Dhabi.