European Commission approves Citrovita/Citrosuco deal
Approval has been given to a proposed merger between Citrovita and Citrosuco.
Brazillian firms Citrovita and Citrosuco have been granted regulatory approval from European authorities in regard to their proposed merger.
The deal, which would see the two pair up to form the largest wholesale orange juice supplier in the world, has been given the go-ahead by the European Commission, Bloomberg reports.
Competition commissioner for the European Union Joaquin Almunia spoke about the decision to approve the merger.
"[The European Commisssion] is satisfied that there will remain sufficient competition and that European consumers will not be negatively impacted," he said.
An in-depth investigation was launched into the deal earlier in the year, when regulatory authorities voiced concerns over the market position of the new company.
In a joint statement, the two parties claimed that the decision marks an important milestone in the process.
European regulators recently gave approval to the proposed acquisition of MWM Holding GmbH by US building specialist Caterpillar.