EC approves proposed acquisition of Volkswagen by Porsche

The European Commission ''EC'' has cleared under the EU Merger Regulation the proposed acquisition of Germany's Volkswagen by Porsche of the same country, a news release said here on Wednesday. BRUSSELS, July 23 (Xinhua) -- After examining the operation, the commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it. The EC found that horizontal overlaps between Volkswagen and Porsche are limited and that, for all car segments concerned, Porsche will continue to face several strong, effective competitors with significant market shares. The EU executive arm also concluded that the merger would not lead to any negative effects on markets for the manufacture and supply of spare parts and distribution. While Volkswagen is active... [read full story]