The European Commission said it has cleared the proposed creation of a joint venture between Scholz AG of Germany and Austria's Voestalpine AG for the collection and processing of scrap metal.
The Commission concluded that the notified operation would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.
Under the proposed agreement, the two companies' scrap metal trading activities will be merged in Austria and the Czech Republic.
Scholz will hold 60 pct of shares in the joint venture, while Voestalpine will take a 33.4 pct stake.
The remaining shares will be held by Voestalpine Rohstoffhandel GmbH's two previous shareholders -- steel manufacturers Bohler Edelstahl GmbH and Stahl und Walzwerk Marienhutte Gesellschaft mbH.
The commission's investigation confirmed that the proposed transaction would not raise competition concerns regarding the EEA-wide trade in scrap metal. AFX
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