The European Commission said it has cleared the acquisition by TPV Technology Limited of parts of Philips Electronics Royal NV's computer monitors and flat screen television business.
The companies agreed in December to combine their PC monitor and flat TV businesses. TPV will take over Philips original equipment manufacturer monitor business as well as production of some low-end flat screen products. Philips will in return get a 30 percent stake in TPV.
Although the combined group will become the world's largest maker of PC monitors, the commission said it will continue to face strong competition from Samsung, LGE, or BenQ.
"It cannot be expected that the merged entity could act independently of customers and competitors while switching suppliers appears to be feasible within the short term," said the commission. (AFX)
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