EU clears GKN buy of Volvo's aerospace unit
BRUSSELS, Sept 3
BRUSSELS, Sept 3 (Reuters) - British engineering group GKN Plc secured EU regulatory approval on Monday to purchase Volvo AB's aerospace unit for 633 million pounds ($1.01 billion), to boost its presence in the fast-growing civil aircraft industry.
GKN said when it unveiled the deal in July that the civil aviation sector is expected to almost double in size over the next 20 years.
Volvo Aero's customers include General Electric, Pratt & Whitney -- part of United Technologies -- and Rolls-Royce Holdings Plc.
The European Commission said its investigation showed the proposed deal would not significantly reduce supply options to customers.
"The merged entity would continue to face a competitive constraint from third parties and ... the supply options open to customers would not be significantly reduced as a result of the transaction," the EU executive said in a statement.