BRUSSELS -- The European Commission on Friday approved plans by Euromaster, a French company owned by Michelin, to buy the tire distribution and retreading business of Denmark's Viborg.
Euromaster is the distribution arm of Michelin, the French tire manufacturer. Viborg is an independent distributor of replacement tires, active in Scandinavia, Austria, Germany, France and the Netherlands.
"The deal widens the geographic coverage of Euromaster's activities in the distribution and retreading of replacement tires," the Commission said in a statement.
"But it does not give rise to serious competition concerns given the significant presence of other large replacement tire distributors and retreaders, as well as unaffiliated retailers."
Michelin has said it will finance the 300 million euro ($330.9 million) purchase by borrowing, bringing its debt total, which was 4.3 billion euros in June, to 4.6 billion euros.