* GDF Suez agrees to sell Belgian power plant
* New company will be world's largest utility
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BRUSSELS, Jan 26 (Reuters) - France's GDF Suez won EU regulatory approval on Wednesday to buy International Power to form the world's largest utility after it agreed to sell the British peer's Belgian plant.
GDF Suez, Europe's second-largest utility, will own 70 percent of the new group, giving it access to fast-growing emerging markets and a foothold in Britain and Australia.
The European Commission said on Wednesday that GDF pledged to sell International Power's stake in the T-Power plant, due to start production in 2011. It would also transfer the operation and maintenance agreement of the plant to third parties.
"The commitments offered by the parties addressed the concerns identified by the Commission that the deal could have enabled GDF Suez to restrict competition and raise prices in the Belgian wholesale market," the Commission said in a statement.
"These commitments will ensure competition is maintained and consumers get the best possible result in terms of price," the EU watchdog added.
The new company is expected to have annual sales of 84 billion euros ($114.9 billion) and a market capitalisation of more than 80 billion euros, putting it ahead of German peer E.ON and France's EDF.
($1=.7309 Euro)
(Reporting by Foo Yun Chee and Luke Baker; Editing by David Hulmes)