Italian consumer good giant Bolton Group has received EU clearance to take joint control of Tri Marine alongside the company's current owner Renato Curto.

The companies said the deal, would result "give birth" to a "large integrated tuna company".

The tie-up, proposed in October, received regulatory approval from the European Commission earlier this week (9 December). The Commission concluded the overlap between Bolton - which produces canned fish products - and fishing firm Tri Marine was "limited" in nature.

"Bolton Group's position as one of the largest branded tuna companies in Europe combined with Tri Marine's international expertise and global tuna supply chain resources will make a good combination - one that has existed through commercial agreements between the two companies for over 25 years. This partnership strengthens Bolton Group's supply chains and raises the level of mutual commitment between the companies," Tri Marine said.

The companies said the move would provide Bolton with full access to Tri Marine's fish supply and pave the way for expansion outside of Europe. Proceeds from Bolton's purchase of new shares will be used to fund strategic growth initiatives, the firms revealed.