EU approves Canon's takeover of Oce
23 Dec 2009
The European Commission yesterday cleared Japanese imaging major Canon Inc.'s proposed take over of Dutch printing systems manufacturer Oce NV.
The deal, valued at 730 million euros ($1.1 billion), will create the world's largest printing entity, benefiting from an excellent complementary fit in product lineup, R&D and business lines.
"The parties would continue to face several strong competitors in all market sectors," the European Commission said in a statement.
"The Commission therefore concluded that the proposed transaction would not give rise to competition concerns," it said.
On Monday, Canon completed the antitrust procedure in the US for its intended Oce acquisition.
In a joint statement with Oce, Canon said the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in the United States had expired on December 18 without a second request.