(Reuters) – The European Commission said on Tuesday that it had approved the acquisition of Belgian vegetable oil distributor AOR NV by U.S. grain trader Archer Daniel Midland (ADM) (ADM.N).
The Commission, which rules on antitrust issues in the European Union, said in a statement that it had concluded that the proposed takeover did not raise competition concerns because it did not have a huge impact on market share and because there were a number of strong players in a market with overcapacity.
Chicago-based ADM did not disclose the cost of the purchase, an acquisition aimed at expanding into higher-margin products including food-grade oils and food ingredients.
The AOR acquisition, subject to regulatory approvals, will expand ADM’s reach in Europe, particularly Belgium, the Netherlands and Luxembourg, and in export markets via AOR’s facility at the Port of Antwerp.
(Reporting By Philip Blenkinsop)
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