Brussels, 28/12/2001 (Agence Europe) - The European Commission has approved the creation of a joint venture between Sabre Holdings Corporation (USA), which operates a computerised reservation system, and German marketing company Otto Versand GmbH & Co. The new company, called Travelocity Europe, will be a virtual travel agency offering services to European consumers. The Commission's review showed that the travel agency sector is highly competitive and given the low market shares of the new company, the operation is unlikely to reinforce Sabre's position in the reservation system market in any meaningful way.