PRESS DIGEST-Financial Times - May 12

May 12 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

- UK to take full ownership of British Steel

- German energy group E.ON seals takeover of UK supplier Ovo

- Shein accuses rival Temu of ‘industrial-scale’ copyright violations

- MFS owner accused of ‘plundering’ company to fund ‘lavish lifestyle’

Overview

- Britain could fully nationalise British Steel under new plans announced on Monday by Prime Minister Keir Starmer, who said it had not been possible to sell the Chinese-owned business the government saved from closure last year.

- German utility group E.ON EONGn.DE is poised to become one of Britain's largest energy suppliers after it announced plans on Monday to buy rival Ovo Energy for an undisclosed sum.

- Online fast-fashion platform Shein accused Temu of copyright infringement "on an industrial scale", while Temu countered that Shein is using litigation to stifle competition, as a trial opened at London's High Court on Monday.

- Administrators overseeing the insolvency of Market Financial Solutions have accused the collapsed lender’s owner, Paresh Raja, of misappropriating at least 1.3 billion pounds ($1.77 billion) to fund a “lavish lifestyle” that included purchasing a “vast number” of luxury cars.

($1 = 0.7361 pounds)