The European Commission (EC) has given the go-ahead to Dutch banks ABN AMRO and Rabobank to acquire the wholesale clothing company HVEG.

Under the deal announced today (28 November), HVEG's holding company Vecelia will take joint control of the clothing firm along with the two banks.

An investigation by the Commission has ruled that the acquisition would not raise competition concerns as the joint venture only represents a small part of the parents' portfolio, and is unrelated to their core activities.

HVEG specialises in women's, men's and children's clothing and accessories, which is sold under private labels by large retailers and European buying groups.