Billionaire Warren Buffett's Berkshire Hathaway
The Lubrizol deal suggests Berkshire is looking to boost its operations outside North America, in contrast to many of its recent acquisitions, which have focused on an expected economic revival in the United States.
The European Commission, the EU competition watchdog, said its investigation of the deal had not revealed any major concerns.
The transaction would not raise competition concerns, because of the parties' moderate market shares and the presence of a number of credible competitors in the markets concerned, the Commission said in a statement.
Lubrizol, which makes lubricants for engines, especially large trucks, buses and boats, has seen growing demand for its products as shipping of goods increases around the world.
About 72 percent of the company's revenue came from its petroleum additives business last year, and about 65 percent of sales were from outside North America.
(Reporting by Charlie Dunmore, Editing by Rex Merrifield)
(This story was corrected to change the spelling of Buffett)