The European Union anti-trust authorities on Thursday approved a joint venture between units of German energy giant RWE AG and DaimlerChrysler AG to produce fuel cells, Dow Jones said, adding that RWE Fuel Cells GmbH will hold a 25.1% stake in the new company, with the remaining 74.9% owned by the German-American car giant.
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The joint venture, MTU CFC Solutions GmbH, will develop, produce and distribute fuel cells to a broad European market – MTU will bring its technological knowledge while RWE will put forward its market knowledge and distribution network to the venture, the report said.
According to Dow Jones, DaimlerChrysler is using its MTU Fiedrichshafen subsidiary to close the deal – it produces diesel engines and drive systems for ships, railway locomotives and heavy vehicles.
The deal was approved under the European Union Commission’s simplified anti-trust procedure. This clears mergers or acquisitions after one month if no objections are raised by third parties, Dow Jones said.
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