KUALA LUMPUR--Sime Darby Bhd. (4197.KU) said Wednesday it has received approval from the European Commission to buy New Britain Palm Oil Ltd. (NBPO.LN) in a 1.07 billion pound ($1.62 billion) deal.

The GBP7.15 per share offer received "formal clearance" on Tuesday, Sime Darby, the world's largest listed plantation company by acreage, said in an exchange filing.

"The Commission concluded that the proposed acquisition would not raise competition concerns given particularly the parties' geographic complementarity within the EU [European Union] and the presence of other suppliers of palm oil products," the European Commission said on its website.

Write to Jason Ng in Kuala Lumpur at jason.ng@wsj.com

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