BRUSSELS (Reuters) - European Union antitrust regulators cleared on Wednesday a proposed joint venture by Airbus Group (PA:AIR) and Safran (PA:SAF) aimed at strengthening Europe's competitiveness vis-a-vis U.S. low-cost rival SpaceX.
The European Commission said its approval was conditional on French aero engines maker Safran excluding its activities in electric satellite thrusters from the joint venture. It also agreed to guarantee the supply of certain components to third parties on transparent terms.
"These commitments address the competition concerns identified by the Commission," the EU competition authority said.
The joint venture will combine Airbus' space launch systems with Safran's propulsion systems.
(Reporting by Foo Yun Chee; editing by Philip Blenkinsop)