DAIKIN'S proposed £1.1bn acquisition of OYL has been given the go-ahead following clearance by the European Commission.
The EC decided that OYL's limited activities in Europe meant that the planned transaction would have no significant Europe-wide impact on the markets in which Daikin is active. In addition, even though the new company would have a strong position in a number of EU countries, the market investigation showed that Daikin would continue to face strong competitors in each of them.

Daikin announced its intentions to acquire up to 100% of the Malaysian company OYL in May. The £1.1bn deal is set to make Daikin the world's second largest air conditioning manufacturer.
OYL was established in Malaysia in 1974 and at one time manufactured York equipment under licence as well as assembling Mitsubishi Electric air conditioners.
OYL bought McQuay International from the SnyderGeneral Corporation in 1994 and then, in 1996, bought the 'founding father' of UK refrigeration J&E Hall.
The acquisition would almost triple Daikin's sales in North America, where it trails US companies Carrier and American Standard.
Earlier this year, Daikin chairman Noriyuke Inoue revealed plans for a three or four acquisitions or mergers for its overseas businesses.