The three companies MPC, Grupo Villacero and MAN received the European Commission's backing on 21 December to combine their worldwide activities in non-stockholding steel distribution. Following an investigation, the EU executive concluded that the transaction would not significantly impede effective competition in Europe. It sees "very limited" horizontal impact as the joint venture resulting from the merger, Coutinho & Ferrostaal, is not a major player in the markets for international steel trading and would face competition from large international traders...

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