The European Commission Friday cleared the merger of U.S. construction tool supplier Stanley Works (SWK) with peer Black & Decker Corp. (BDK).

Stanley Works agreed to buy Black & Decker for $4.5 billion in stock in November, in a deal that will enable the companies--household names in the U.S. tools industry--to cut costs and exert more influence on pricing.

Under terms of the deal, Black & Decker shareholders will receive 1.275 shares of Stanley for each share held. Stanley shareholders will hold a 50.5% majority stake in the combined company.

-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88; alessandro.torello@dowjones.com
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