WELS (dpa-AFX) - The EU Commission has given Austrian furniture giant XXXLutz the green light to take over Berlin-based online furniture retailer Home24 . The planned merger does not pose a threat to competition in the furniture market, the authority ruled on Monday. This is because the gain in market share as a result of the merger would be small. In addition, there are sufficient competitors in the furniture market.

The takeover is now to be completed within the next few days, as the XXXLutz Group announced. Afterwards, the furniture giant intends to delist the Home24 share from the stock exchange.

XXXLutz is looking forward to seizing new growth opportunities with Home24 and giving the company stability and clout as a strong partner, it said. Like many other online retailers, Home24 suffered from falling sales last year as consumers held onto their money in the face of the Ukraine war and inflation. Home24 itself had completed its acquisition of the Butlers housewares chain just a year ago.

The Austrian furniture giant had already secured more than 92 percent of Home24 shares at the turn of the year with its takeover bid announced in October. Home24's top management supported the takeover bid from the start./rea/DP/jha