July 23, 2015 / 11:12 AM / 4 years ago

EU clears Berkshire Hathaway's purchase of Duracell

BRUSSELS (Reuters) - The European Commission said on Thursday it had approved Berkshire Hathaway’s (BRKa.N) purchase of Procter & Gamble’s (PG.N) Duracell battery unit.

The Commission said in a statement the proposed acquisition would not raise competition concerns given the absence of horizontal overlaps and the existence of numerous competitors in the vertically related market where the parties are active.

Berkshire Hathaway, owned by billionaire Warren Buffet, announced in November that it was paying P&G with $4.7 billion of shares it owns in the world’s largest consumer products company.

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