Schneider gains EU approval for $5.6 bln Invensys buy

BRUSSELS Fri Nov 29, 2013 6:50am EST

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BRUSSELS Nov 29 (Reuters) - French electrical gear maker Schneider Electric secured European Union regulatory approval on Friday for its 3.4-billion-pound ($5.56 billion) acquisition of British engineering company Invensys.

The deal, announced in July, will reinforce Schneider's high-margin industrial automation business and its presence in the fast-growing energy industry.

The European Commission said in a statement that the takeover would not pose any competition concerns.

"The activities of the two companies are complementary and the merged entity would continue to face several strong competitors in the affected markets," the EU antitrust authority said.

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