The European Commission has given the go-ahead to aluminum giant

Alcoa's

(AA) - Get Report

acquisition of

British Aluminium

from

TheStreet Recommends

Luxfer Holdings

, saying the merged entity's limited market share will not pose competition problems in Europe.

Luxfer will retain its gas cylinders operating division and its hard alloy aluminum extrusions and tubes businesses after the sale. The commission said it believes consumers in Europe will continue to benefit from a wide range of suppliers.

Shares of Alcoa were recently lower by 1.52%, or 38 cents, to $24.38 in

New York Stock Exchange

trading.