October 13, 2017 / 9:48 AM / 7 days ago

EU regulators okay Valeo bid for FTE with conditions

BRUSSELS, Oct 13 (Reuters) - EU antitrust enforcers approved on Friday Valeo’s 819.3-million-euro ($968.8 million) bid for German clutch manufacturer FTE Automotive after the French car parts supplier agreed to sell a unit to an Italian rival.

The European Commission said the companies offered the concession after Brussels expressed concerns about the merged company’s very high market shares in passive hydraulic actuator modules and concentric slave cylinders for light vehicles.

The EU competition authority said it was difficult for customers to switch to other suppliers.

“Valeo has offered to divest its entire passive hydraulic actuator business with the exception of its Korean activities,” the Commission said. The buyer is Italian car parts supplier Raicam.

$1 = 0.8457 euros Reporting by Foo Yun Chee; editing by Francesco Guarascio

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