December 22, 2017 / 9:31 AM / a year ago

Germany launches probe of foreign bid for aerospace supplier Cotesa

BERLIN, Dec 22 (Reuters) - The German economy ministry said on Friday it had launched a review of a planned foreign bid for aerospace supplier Cotesa, which could lead to Berlin blocking the sale.

“Currently, there is an foreign investment review under way regarding the sale of Cotesa,” an economy ministry spokeswoman said, adding she could not comment on the details.

German business daily Handelsblatt reported that Cotesa, is being pursued by the China Iron & Steel Research Institute, a state-owned company which aims to make Chinese aircraft maker Comac competitive with Airbus and Boeing.

Located in the east German state of Saxony, Cotesa is specialized in producing carbon-fiber components, supplying both Airbus and Boeing, according to the company’s web page. (Reporting by Michael Nienaber, editing by Thomas Escritt)

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