U.S. tool maker Stanley Works won approval on Friday from the European Union (EU) antitrust regulator to buy its rival Black & Decker for about 3.5 billion U. S. dollars.
"The parties are active in different product markets. While Stanley makes mostly hand and pneumatic tools, Black & Decker's strength is in electric power tools and the overlaps between the two of them are limited," the European Commission said in a statement.
"The market investigation showed that the products offered by the parties do not compete closely with each other and that the combined entity would continue to face several strong competitors with significant market shares," it added.
Stanley Works, founded in 1843, is a global tool manufacturer supplying mainly hand tools, security solutions for commercial applications and engineered solutions for industrial, construction and do-it-yourself (DIY) use. Its products have been widely used in numerous famous buildings, such as White House, Buckingham Palace, the New York World Trade Center, Shanghai Jin Mao Tower.
Black & Decker is a worldwide manufacturer focusing on power tools and accessories, hardware and home improvement products, and fastening and assembly-based systems.
They announced a merger deal in November 2009, which created an 8.4-billion-dollar global industrial leader in an all-stock transaction valued at approximately 3.5 billion U.S. dollars.