13/11/2006 (Agence Europe) - On 10 November the European Commission cleared the proposed acquisition of joint control over Oy Ovako AB and Ovako Swenska AB (of Sweden by Hombergh Holdings BV of the Netherlands, W P De Pundert Ventures BV of the Netherlands and Pampus Industrie Beteiligungen GmbH & Co KG of Germany. The Commission examined the effects of the proposed transaction on the market for steel wire and in particular on the market for pre-stressed concrete quality wire, and found that the parties' combined market shares were below 20% and that they faced competition from some twenty European competitors, including three with comparable market shares. Given the small market shares involved, the Commission concluded that the combination of the Ovako Businesses' upstream steel making activities with the acquirers' downstream wire making and distribution activities would not give rise to competition problems. (cd)