Brussels (Aug. 28, 2002) -- The European Commission has okayed Ernst & Young to take over the units which comprised Andersen Germany.According to Dow Jones, the EC said the merger "would not lead to competition problems" in Germany. Prior to the commission’s clearance, complaints surrounded the potential agreement due to E&Y merging with Andersen operations in 37 countries.

The new company will be known as Ernst & Young Germany. It will have revenue of roughly $882 million and will employ some 7,000 staff members. Ernst & Young bested KPMG in the race for Andersen's German unit.

--Electronic Accountant Newswire staff

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