Intel (NASDAQ:INTC) Cleared by Europe for McAfee

The European Union cleared Intel (NASDAQ:INTC) to acquire Internet security company McAfee for $7.68 billion. They have already been approved in the U.S.

Concerns over competitiveness have been weighing on the deal, and to allow it to go forward in the EU, Intel agreed to allow the software to be functional with software from other computer security companies.

Joaquin Almunia, the EU's competition commissioner, said in a statement, "The commitments submitted by Intel strike the right balance, as they allow preserving both competition and the beneficial effects of the merger. These changes will ensure that vigorous competition is maintained and that consumers get the best result in terms of price, choice and quality of the IT security products."

Intel was trading at $21.78, up $0.03, or 0.14 percent, as of 12:09 PM EST.