The European Commission said it has cleared Abu Dhabi-based International Petroleum Investment Co.'s (Ipic) proposed acquisition of Germany's Man Ferrostaal, which builds turnkey industrial plants, including power stations and oil and gas processing facilities. The decision is conditional on Ipic's commitment to sell Man Ferrostaal's stake in melamine production technology licensing company Eurotecnica. Brussels had been concerned that the deal would reduce competition in the high-quality melamine market because of the relationship between Eurotec-nica and Ipic-controlled AMI, a major Austrian melamine producer. Melamine is used in the paper and automotive industries.
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