The European Commission has approved the formation of a joint venture between Hon Hai Precision Industry, commonly known as Foxconn (TPE:2317), and Japan's Mitsubishi Fuso Truck and Bus, which is controlled by Daimler Truck, to develop and manufacture commercial buses.
The venture will focus on the production and supply of heavy and light buses, according to a regulatory update on Monday.
The regulator said the deal does not raise competition concerns due to its limited impact within the European Economic Area. The review was conducted under a simplified merger procedure.
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