BRUSSELS -- The European Union Commission said Thursday it has given antitrust clearance to the takeover of Norway's Moelven Industrier ASA (Y.MIA) by the Finnish forestry group Finnforest Corp. Both companies produce sawed timber and other wood products. "The acquisition will not give rise to competition concerns," the Commission said in a statement. "Both companies have overlapping activities in the markets for wood procurement, sawn timber and gluelam. However, in none of these markets will the combined market share exceed 15%," the Commission said. "As concerns modular system interiors in Finland, Finnforest's subsidiary Heinolan Seinaelinja will see its position as market leader slightly reinforced, but this doesn't create any competition concerns," it added. Finnforest Corp. is part of the Finnish pulp and paper group Metsaeliitto. It manufacturers and markets timber, plywood, engineered wood as well as modular system interiors through its subsidiary Heinolan Seinaelinja. Moelven Industrier is a Norwegian producer of sawn timber and building materials made of wood as well as industrialized building concepts based on modules. The approval of the deal wasn't a surprise. Earlier this week, Ari Martonen, chief investment officer of Finnforest, told Dow Jones Newswires in an interview that he was confident the deal would gain E.U. antitrust approval.