EU Approves Takeover of Walter Bau

The Austrian construction company Strabag has been given the go-ahead to takeover parts of its insolvent competitor Walter Bau. The EU commission in Brussels authorized the transaction on Friday on the grounds that it would not greatly hinder competition as both companies have a limited market share in Germany and growth rates on the Austrian market are slow. But the Brussels competition watchdogs have called on Germany's Federal Cartel Office to check what the effects the transaction would have on the Hamburg regional market for ready-mix asphalt.