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Joint GM-Toyota venture gets final OK from US

General Motors and Toyota received final federal approval Wednesday for joint production of a new line of subcompact cars in Fremont, Calif. The venture will mark the first time that two major competitors, one foreign and the other domestic, will work together in the United States to build a new line of cars.

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The Federal Trade Commission, which was split over whether the deal would create a monopoly, gave its final approval to the two automotive giants on a 3-2 vote.