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EU executive conditionally approves Daimler, BMW car-sharing deal

Reuters  |  BRUSSELS 

(Reuters) - The European Union's competition authority said on Wednesday it had approved the plan of German luxury carmakers and to combine their car-sharing businesses, subject to conditions.

Under the deal, which includes car-sharing units and as well as ride-hailing, parking and charging services, and will each hold 50 percent stakes in a joint venture.

They have offered concessions to address EU antitrust concerns over the deal they hope would let them better compete with U.S. rival and Chuxing.

The has found the deal would raise competition concerns for sharing services in Berlin, Cologne, Duesseldorf, Hamburg, and It said and agreed to a remedy package in the six cities.

"The commitments thus fully address the Commission's concerns as they will reduce the barriers to entry for competing sharing providers," the Commission said in a statement.

"Therefore the Commission concluded that the proposed transaction, as modified by the commitments, would no longer raise competition concerns. The Commission's decision is conditional upon full compliance with the commitments."

(Reporting by and Philip Blenkinsop)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 08 2018. 00:23 IST