The European Commission has cleared the proposed joint venture between Grupo Villacero (Viga-Villacero) of Mexico and Münchmeyer Petersen & Co (MPC) and MAN AG, both of Germany. The three companies plan to combine their international steel trading activities in a newly-created joint-venture, Coutinho & Ferrostaal. The Commission’s examination of the proposed transaction showed that the horizontal impact of the merger would be limited, as the joint venture is not a major player in the markets for international steel trading. Vertical effects are not significant either, as Viga-Villacero, the only parent company active in steel production, focuses its activities on North America.