Canon’s proposed acquisition of Dutch digital press manufacturer Océ has moved a step closer after the Japanese company won approval from European Union competition regulators.

A statement from the European Commission said: “The parties would continue to face several strong competitors in all market sectors.

“The commission therefore concluded that the proposed transaction would not give rise to competition concerns.”

Earlier, both Océ and Canon confirmed that “good progress” was being made in the acquisition bid.

Approval has now been received from the Taiwanese competition authorities, as well as the European Commission.

Canon said that it expects to submit a request for approval of the offer to the Netherlands Authority for the Financial Markets before 8 February 2010.

The Japanese manufacturer has made a €730m cash offer for digital press manufacturer Océ with a view to creating “the number one presence” in the digital market.