The European Commission has given its consent for the €2.3bn acquisition of Austria-based Constantia Flexibles by French investment group Wendel Group.
The commission has reviewed the transaction under the simplified merger review procedure and concluded that the proposed acquisition would not raise competition concerns, as Constantia Flexibles and Wendel are not operating in the same markets.
Constantia Flexibles produces flexible packaging and labelling solutions, principally for the food and beverage, pet food and pharmaceutical industries.
Headquartered in Vienna, Austria, Constantia employs more than 8,000 people at 43 industrial sites spread across 18 countries. It sells its products in more than 115 countries.
Wendel has previously announced its plans to acquire a majority stake in Constantia Flexibles in December last year.
The acquisition forms a part of Wendel's 2013-2017 strategy, which consists of investing €2bn in the top-tier unlisted companies in Africa, North America and Europe.
Wendel executive board chairman Frédéric Lemoine previously said: "In acquiring Constantia Flexibles, Wendel is carrying out a major transaction that is right in line with the strategy announced. Constantia Flexibles is a very strong industrial company and one of the world's leaders in packaging solutions.
"The segment in which the company specialises, flexible packaging, is being buoyed by underlying, worldwide market trends, and in the future, Constantia Flexibles will be able to grow both by organic means and by acquisition, as the market is still very fragmented."
Image: Constantia Flexibles produces flexible packaging and labelling solutions. Photo: courtesy of Constantia.