The European Commission on Friday said it has approved the creation of a Dutch joint venture company between Wilmar International Limited of Singapore and Fox Petrolifera Italiana SpA of Italy, under the EU Merger Regulation.
The joint venture will produce biodiesel and its by-products from an existing Italian biodiesel plant currently operated by Fox Petrolifera. Both companies' are active in the production of biodiesel as well as crude and refined glycerin. The joint venture's parent companies will also sell palm and seed oil, which are both used in the production of biodiesel.
The Commission concluded that the proposed acquisition would raise no competition concerns, because the companies' combined market position would remain highly limited on all markets involved and they would continue to face significant competitive pressure from various strong, multinational competitors.
The transaction was examined and approved under the simplified merger review procedure.
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