Association of firms or individuals formed to undertake a specific business project. Under the Community competition rules, joint ventures are undertakings that are jointly controlled by two or more other undertakings. In practice joint ventures encompass a broad range of operations, from merger-like operations to cooperation for particular functions such as R & D, production or distribution. Full- function joint ventures, which act on the market independently from their mother companies, are treated as concentrations under the merger regulation.
Source: Glossary of terms used in EU competition policy, Antitrust and control of concentrations, European Commission, 2002