The European Commission has given the go-ahead to Axa SA's acquisition of a controlling stake ladies' clothing retailer Camaieu SA.

The transaction, valued at just over €200 million, provides insurance company Axa with a direct and indirect stake in Camaieu.

Camaieu's revenue increased 8 per cent to €392.7m in 2004, after a good fourth-quarter performance and 0.8 per cent internal growth.