Delphi $972 million buy of FCI's car unit cleared in EU

BRUSSELS Fri Jul 27, 2012 10:06am EDT

Rodney O'Neal (C), Chief Executive Officer of Delphi Automotive LLP, smiles after ringing the opening bell at the New York Stock Exchange November 18, 2011. REUTERS/Shannon Stapleton

Rodney O'Neal (C), Chief Executive Officer of Delphi Automotive LLP, smiles after ringing the opening bell at the New York Stock Exchange November 18, 2011.

Credit: Reuters/Shannon Stapleton

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BRUSSELS (Reuters) - Car parts maker Delphi Automotive Plc (DLPH.N) won EU regulatory clearance on Friday to buy FCI Group's motorized vehicles unit (FCI MVL) for about $972 million from private equity firm Bain Capital.

The European Commission said its investigation found no competition concerns because the purchase would not change the structure of the market.

"The Commission's investigation found that they have a moderate combined market share and a number of credible competitors remain active in this market," the EU executive said in a statement.

The acquisition of FCI MVL, which makes connectors that link different parts of an airbag, will add Asian car makers Nissan Motor Corp (7201.T) and Hyundai Motor Co (005380.KS) to Delphi's customer base.

Its other clients include Ford Motor (F.N), General Motors (GM.N), Volkswagen Group and Toyota Motor Corp (7203.T).

(Reporting By Robert-Jan Bartunek)

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