September 30, 2011 [Reuters] - Dutch petroleum product companies Reggeborgh Invest B.V. and Argos Energy Group B.V. won EU approval on Tuesday to set up a joint venture.
The companies plan to merge their respective subsidiaries North Sea Group and Argos Groep, which will form the basis of the joint venture called North Sea Group Beheer.
The European Commission, the EU’s competition watchdog, said that while the joint venture would lead to horizontal and vertical links in several markets it would not unduly affect competition.
“The Commission found that the parties have only moderate shares on the upstream and downstream markets and that a number of credible competitors are present at both levels,” it said in a statement.
