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EU clears Magna's purchase of Germany's Getrag

Published 2015-12-17, 06:35 a/m
EU clears Magna's purchase of Germany's Getrag
MGA
-

BRUSSELS, Dec 17 (Reuters) - The European Commission said on
Thursday it had cleared Canadian automotive parts maker Magna
International Inc's MG.TO planned acquisition of privately
owned German car parts maker Getrag.
The Commission said it found overlaps in the companies'
businesses, but said that these were limited and that a number
of strong players would remain in the market after the merger.
"The Commission therefore concluded that the transaction
would raise no competition concerns," the Commission said in a
statement.
Magna, the world's third largest auto supplier, is paying
1.75 billion euros ($1.90 billion) for Getrag in a bid to expand
its automotive transmissions business.
($1 = 0.9217 euros)

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