EC gives the nod to Canary Wharf deal

The European Commission said today it has cleared the proposed acquisition by a consortium led by US investment bank Morgan Stanley to buy British property firm Canary Wharf.

The acquisition was cleared under the EU's simplified merger procedure.

Morgan Stanley must now get 75% of investors to support its recommended £2.65 per share offer for the property firm.

Canary Wharf is well known for having transformed the London docklands from a run down area into a new financial district.