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Deals

EU clears China's Geely to buy Volvo cars

BRUSSELS (Reuters) - European Union competition regulators approved on Tuesday the acquisition of Ford Motor's F.N Volvo car unit by Chinese carmaker Geely Automobile Holdings 0175.HK and state-owned investment group Daqing.

Following an investigation, the European Commission concluded that the proposed deal would not significantly impede competition in Europe, the EU executive said in a statement.

Geely’s $1.8 billion takeover of Sweden-based Volvo was agreed in March and represents China’s biggest overseas auto purchase to date.

The deal is seen as a further milestone in China’s emergence as an auto sector powerhouse, after the country overtook the United States as the world’s biggest car market last year.

Reporting by Charlie Dunmore

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