Brussels, 02/09/2002 (Agence Europe) - The European Commission has cleared a joint venture between Danapak A/S, a Danish manufacturer of packaging products, and Teich AG of Austria which also makes flexible packaging products. Under the terms of the deal, Teich will transfer a number of assets to Danapak Flexibel A/S, currently a wholly-owned subsidiary of Danapak. After completion of the deal, Teich will own 60% of Danapak Flexible, the remaining 40% by Danapak. The company will specialise in the production and supply of flexible packaging, including plastic and cellulose films, aluminium foils and papers used for retail food packaging, labelling and certain other non-food sectors. Although Danapak and Teich both make flexible packaging, the Commission concluded that there was no risk that Danapak Flexibel would have a dominant position in Europe since the joint venture will face competition from big rivals such as Amcor, Alcan and VAW Europack.