BRUSSELS, Dec 17 (Reuters) - The European Commission said on Thursday it had cleared Canadian automotive parts maker Magna International Inc’s 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 Reporting By Philip Blenkinsop; editing by Foo Yun Chee