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BRUSSELS - The European Commission today cleared Swiss Food group Nestle SA's joint venture with French cosmetics giant L'Oreal to develop a new range of healthy cosmetics, Dow Jones newswire reports.
The new company, named Laboratoires Inneov, will sell cosmetics that include vitamins and other nutritional supplements.
Inneov will depend on Nestle's nutrition research as one of the world's largest food suppliers. L'Oreal will provide the cosmetics background and specifically its expertise in dermatological studies.
The deal posed no antitrust concerns since both Nestle and L'Oreal are new entrants in this market.
Both companies will own 50 percent of the joint venture. Other financial details weren't disclosed.