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Journalism of Courage
BRUSSELS, July 30: The European Commission today formally cleared the merger of Boeing and McDonnell Douglas ending a five-month investigation which almost provoke a transatlantic trade war.
"There was no vote. There was no discussion," an EU source said, referring to the meeting of the 20 European Commissioners.
The decision was a formality after the Euroepan Union’s advisory committee of national competition experts last Friday approved the dollar 15 billion deal following last-minute concession by Boe-ing aimed at reducing the de-al’s anti-competitive effect in Europe.
Boeing’s share of the commercial jets market will increase to 70 per cent from its current level of 64 per cent, leaving only European consortium airbus in a position to compete.
The merged company is expected to generate $ 49 billion revenue this year, of which 61 per cent would come from commercial jets.
