Brussels, 06/05/2004 (Agence Europe) - The European Commission has authorised the creation of a joint venture between Spanish airline Iberia and Cobra, a subsidiary of the construction group ACS, a specialist in the building and engineering sector in Spain. The new company, to be known as Serpista, will be 61%-owned by Cobra, and 39% by Iberia, and will have capital of 70 million EUR. Mainly active in Spain, it will operate in the field of repair and maintenance of ground handling equipment and, more specifically, will supply repair and maintenance to ground-handling service providers. The Commission looked into the impact of the operation in the sector, and concluded that it causes no competition problems, as it is a relatively easy market to enter, in the context of the opening up of ground-handling services to competition in European airports.