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Merkel Aid Clash With EU Raises Risk From Exxon to Bayer

Exxon Mobil Corp., Bayer AG and Linde AG are among companies at risk of having to repay billions of euros in German aid as Chancellor Angela Merkel clashes with Europe’s antitrust regulator over rebates to companies that use the most energy.

A total of 1,691 companies or units are benefiting from power fee waivers worth about 4 billion euros ($5.3 billion) this year, according to data from German authorities. While the European Commission is examining whether the waivers constitute illegal state aid, Merkel said they’re key to safeguarding the competitiveness of Europe’s biggest economy.