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EU not swayed by Knorr-Bremse's Haldex concessions -source
July 5, 2017 / 9:01 AM / 5 months ago

EU not swayed by Knorr-Bremse's Haldex concessions -source

BRUSSELS, July 5 (Reuters) - EU antitrust regulators have not asked for feedback on German car parts maker Knorr-Bremse’s concessions to try to win approval for a takeover of Haldex, suggesting that they are insufficient to allay concerns over the deal, a person familiar with the matter said on Wednesday.

Last week, Knorr-Bremse offered to sell assets, among other remedies, to try to secure European Commission approval for the 4.86-billion Swedish crown ($571 million) deal.

The EU competition authority has not asked rivals and customers to comment on the plans, the person said, indicating that it is set to open a full-scale investigation lasting about four months when the preliminary review ends on July 24.

Commission spokesman Ricardo Cardoso declined to comment. There was no immediate comment from Knorr-Bremse.

The Knorr-Bremse bid faces strong headwinds after Haldex’s management pulled its support.

Haldex Chairman Jorgen Durban told Reuters that the company received signals from the regulator that the deal stood only a slim chance of getting clearance. ($1 = 8.5133 Swedish crowns) (Reporting by Foo Yun Chee, additional reporting by Maria Sheehan in Frankfurt; Editing by Keith Weir)

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