European competition regulators have given the authorization for Volkswagen and Salzgitter, a Germany-based steel company, to create a joint automobile recycling venture. The project is being called Car Cycling, and the goal of the joint venture is to create a new automobile facility that will be dedicated to scrapping end-of-life vehicles.
The merger was notified to Brussels competition authorities on December 4, 2003 and was cleared under the fast-track ‘simplified merger review procedure’
Under the rules, if no third-party objection is issued within a month of notification, antitrust clearance for the deal is automatic.
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