European Panel OKs Alliance of Volvo, Renault
From Associated Press
BRUSSELS —
The European Commission said today that it has cleared the proposed alliance between the automobile companies Volvo of Sweden and Renault of France.
The Renault-Volvo alliance was the first the commission has cleared under its recently expanded powers to vet large mergers among European Community companies.
The commission said the merger between Volvo and Renault in markets for cars, trucks and buses will not create or strengthen a dominant position in any of the markets.
It said that the linkup in trucks and buses will not impede competition in the European Community or in any substantial part of it. In cars, the alliance did not fall under the commission’s merger powers, it said.
