BRUSSELS -- The European Commission (EU) has given Canadian automotive parts manufacturer Magna International Inc. clearance to acquire New Venture Gear from DaimlerChrysler AG, according to a report from AFX News.

New Venture Gear is a manufacturer of transfer cases. The business was purchased earlier this year from the DaimlerChrysler Group for $435 million.

"Although the activities of the parties overlap in the sector of components for all-wheel drive vehicles, the Commission investigation has shown that the proposed transaction will not significantly impede effective competition in the European market," the commission said.

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