Brussels, 21/03/2014 (Agence Europe) - On Wednesday 19 March, the European Commission gave the go-ahead to the creation of a joint venture by AGCO Corporation of the US and Basic Element of Russia. AGCO Corporation designs, manufactures and sells agricultural machinery, such as tractors, combine harvesters, forage equipment, tillage, implements, grain storage and protein production systems. Basic Element operates in a range of sectors, including energy, financial services, construction, aviation and agriculture. The joint venture will be based in Russia and will focus on the design, manufacture and sale of certain agricultural machinery currently in Russia only. The Commission concluded that the proposed transaction would not raise competition concerns, because the joint venture has no actual or foreseen activities within the European Economic Area. (EL)