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BRUSSELS, Jan 28 (Reuters) - The European Commission said onWednesday it had approved drugmaker GlaxoSmithKline's acquisition of Novartis' vaccines business, as well as aconsumer healthcare joint venture between the two.
The companies agreed last April to trade more than $20billion of asset in a transaction that includes GSK buyingNovartis' vaccines business, Novartis purchasing GSK's cancerdrugs, and the two groups tying up in consumer healthcare.
"The decision is conditional upon the divestiture of assetsin the vaccines and consumer health businesses," the Commision,which acts as the EU's anti-trust watchdog, said in a statement.
GSK has committed to divesting one meningitis vaccine andgranting a worldwide licence of another and offer furtherconcessions in Germany and Italy, the Commission said.
The Commission had concerns that the deal would hurtcompetition on developing meningitis and diphtheria tetanusvaccines, as well as products to stop smoking and to treat coldsand pain.
For the joint venture, the two companies would divest assetsin Britain, the Netherlands, Sweden and Turkey. (Reporting by Philip Blenkinsop; editing by Robin Emmott)