The European Commission has approved Japanese steelmaker Nippon Steel's $14.9 billion acquisition of US Steel, saying the deal will not affect the European market. This was reported by Agence France-Presse.
For the agreement between the companies to become valid, it must be approved by regulators in the US, Europe, UK and Latin America. According to AFP, the European Commission's antitrust regulator decided on Monday that the agreement between the companies "does not violate competition" in the European market. This is due to the limited position of both companies in this market.
As Reuters previously reported, European antitrust regulators must make a decision on the agreement between the companies by May 17. However, approval of the merger is considered most likely a formality. The Japanese company has factories in the UK, Sweden and Finland, while the American company has a branch in Slovakia.
It was previously reported that US Steel shareholders approved the proposed purchase of Japanese Nippon Steel for $14.9 billion, which , as expected, brought the merger a step closer to completion, even despite political opposition to the agreement.
