EU backs Volkswagen venture

European competition regulators on Friday have cleared a joint recycling venture between German car giant Volkswagen and steel group Salzgitter.

The joint venture, called ‘Car Cycling’, involves the creation of a new car plant to scrap end-of-life vehicles.

The merger was notified to Brussels competition authorities on December 4 2003 and was duly cleared under the fast-track ‘simplified merger review procedure’

Under the rules, if no third-party objection is issued within a month of notification, antitrust clearance for the deal is automatic.

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