EU approves Renault taking 25 percent of Avtovaz

The European Union has approved a US$1 billion (¤640 million) deal which gives Renault SA a 25 percent stake in the producer of Russia's Lada cars.
The European Commission says the agreement with Russia's
OAO Avtovaz Company, will not threaten open competition in
the European car market. The EU clearance on Wednesday
gives the French care manufacturer breakthrough access to
to one of the world's fastest growing markets through a
well-established brand, the Associated Press reported.
The Commission says that the deal would not give rise to
competition concerns in Europe.