EU clears Berkshire's acquisition of Precision Castparts

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The Commission said in a statement it had concluded that the proposed acquisition would not raise competition concerns given the absence of horizontal overlaps and the limited vertical relationships between the activities of the two companies.

The purchase is Berkshire's largest, and accelerates its transformation from a company largely dependent on insurance businesses into one resembling the broader U.S. economy, including a railroad, several industrial companies, utilities, a car dealership and consumer goods businesses.

(Reporting By Philip Blenkinsop; Editing by Alissa de Carbonnel)