Fiat's acquisition of Chrysler has been given unconditional approval by the European Commission on the grounds that the enlarged carmaker would not hurt global competition.
Although the ruling was not unexpected it has helped clear one of the final hurdles facing the Italian company in securing the famous American marque.
“The Commission’s examination of the transaction showed that the horizontal overlaps between the activities of Chrysler and Fiat are limited,” it said in a statement. “As Chrysler is not present on the upstream markets concerned, the transaction would not strengthen the market position of the merged entity or the extent of its vertical integration.”
The Commission’s approval made not of the fact that Fiat could, over time, acquire more than 50 per cent of Chrysler after the manufacturer repays its substantial loans to the United States Treasury.
The European Commission represents 27 European nations.