The European Commission said Monday that it has approved a plan for Japanese, British and Italian firms to create a joint venture to oversee the joint development of a next-generation fighter jet.
"Based on its market investigation, the Commission found that the ... transaction would not raise competition concerns," the executive arm of the European Union said in a statement.
The joint venture in the United Kingdom will be responsible for overseeing the design, manufacturing and delivery of the aircraft, which is intended for use by the governments of Japan, the U.K. and Italy.
It will be equally owned by Japan Aircraft Industry Enhancement, a joint venture between Mitsubishi Heavy Industries and the Society of Japanese Aerospace Companies, BAE Systems of Britain and Leonardo SpA of Italy.
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