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EU nods to BÉT acquisition

The European Commission has approved the acquisition of a 68% stake in the Budapest Stock Exchange (BÉT) and in the Budapest Commodity Exchange Rt (BÁT) by the consortium of Wiener Börse AG and four Austrian banks last May, wire service AFX reported. The decision clears the way for the merger of the bourses of Budapest and Vienna. The EC found that keeping fees low is in the mutual interest of the two stock markets, thus the merger is expected to stimulate competition.