"The Commission concluded that the [deal] would not significantly impede economic competition in the European Economic Area or any substantial part of it," the EC said in a statement.

The decision comes little over a year after MOL announced it would sell parts of its natural gas operations to E.ON Ruhrgas. MOL originally hoped to secure approval for the deal as early as the first quarter of this year, but the EC postponed the decision several times over monopoly concerns. Recently the market has been growing worried about the delay, which came at a time when rising gas import prices and a tight regulatory environment have made the gas business an increasing burden for MOL.

The deal approved by the EC differs to some extent from the one announced by the two companies last year. Originally, E.ON Ruhrgas was to buy 75% minus one share in both the wholesale and storage businesses, with MOL retaining a 25% put option in both companies. The deal would also have given MOL a 75% put option in the natural gas transmission business while retaining 100% ownership for the time being.

According to Wednesday's EC decision, based on a package of "remedies" submitted by E.ON Ruhrgas, the German consortium will now take over 100% of both the wholesale and storage businesses, while the sale of the gas transmission arm by MOL would require a separate permission from the Commission.