Australian packaging company Amcor secured EU antitrust approval on Monday for its $5.25 billion buy of Bemis after agreeing to sell the U.S. company’s medical packaging business in Europe to address competition concerns.

Amcor, the world’s biggest listed packaging company, announced the deal in August last year, which will add some new products to its portfolio and also boost its presence in the Americas.

The European Commission voiced concerns about the combined company’s strength in medical packaging, in which it would be three times larger than the second-ranked player. Amcor subsequently pledged to sell Bemis’s business in this sector.

Source: reuters.com