Brussels, 21/03/2014 (Agence Europe) - On Wednesday 19 March, the European Commission gave the go-ahead to the creation of a joint venture between Nestlé S.A. of Switzerland and the Lotte Group of South Korea. Nestlé primarily produces and sells a large variety of food and beverage products. The Lotte Group is a South Korean-based diversified holding group with interests in several sectors such as foods, retail, hotels, chemicals, construction and finance. The joint venture will produce, distribute and sell food, beverages and pet care products in South Korea. The Commission concluded that the proposed acquisition would not raise competition concerns, because the joint venture has only negligible actual or foreseen activities within the European Economic Area. (EL)