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The European Commission has approved the creation of a biofuel venture between firms from the UK, France and Germany.

The Commission gave the green light to a the formation of a venture between UK petrochemical manufacturer Ineos Enterprises, French food co-operative Champagne Céréales and German oil seed crusher and food oil producer C. Thywissen.

The newly registered company – to be based in France – will crush oil seeds and produce biodiesel.

The Commission did not stipulate any conditions of the venture following a competition inquiry. It concluded: “There is no significant risk of an over-concentration within this [biofuel] market.”

Brussels fast-tracked its competition approval after receiving the inquiry report. Last year Thywissen merged its brewing malt business with Schill Malz to become the largest malting group in Germany.