The European Commission has approved the acquisition of UK-based Van den Bergh Oils (VDBO) by US agribusiness ADM.

VDBO, a division of Unilever Bestfoods UK, runs a seed oil refinery in Purfleet, Essex.

"The transaction broadens ADM's activities on the seed oil and bakery fat markets but no competition concerns arise as a result of the transaction," the Commission said in a statement.

"The Commission examined the impact of the acquisition on the markets for bulk refined seed oil, packed refined seed oils, and bakery fats. The Commission concluded that the operation will not lead to any competition concerns and has therefore decided not to oppose it.

"The fact that the parties held relatively high market shares for certain type of seed oils, namely sunflower seed oil and, to a less extent, rapeseed oil, doesn't affect this conclusion. The Commission investigation has shown that a significant level of import, and potential competition stemming from possibility to expand competitor's capacity would in any event act as a sufficient constraint," the Commission concluded.