According to report, European Union may approve for Outokumpu Oyj’s bid for ThyssenKrupp AG’s Inoxum unit about next week, following an agreement to sell the Italian steel mill.

Outokumpu agreed to purchase Inoxum on January 31st for about €2.7 billion. It raised the concern from the EU for antitrust complaint in August since the deal may affect the stainless steel producer of flat products in Europe.

The two companies expect to finish the deal by the end of year and it would help Outokumpu to save about €200 million every year.

ThyseenKrupp would keep 29.9% of stake of the business and receiving €1 billion in cash and transfer €422 million of liabilities of Inoxum to Outokumpu.