Brussels, Mar. 27 - The European Commission Tuesday cleared JP Morgan Chase & Co. to buy Dutch food giant Royal Wessanen NV's Dailycer breakfast cereal business.
JP Morgan Chase's private equity unit, One Equity Partners, is paying EUR104 million for Dailycer and Delicia, a Wessanen unit which makes chocolate decorations.
Dailycer makes breakfast cereals and cereal bars, with annual sales of roughly EUR200 million. It has around 650 employees.
One Equity Partners manages $5 billion in investments for JP Morgan Chase. Its portfolio includes a tire maker, chemicals companies and a corporate travel agency.
The commission cleared the deal under its simplified procedure. This clears mergers and takeovers automatically after one month if no third party complains.