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.
Click here to view the rest of today’s headlines.