July 19, 2011 / 7:25 AM / 7 years ago

EU approves Gestamp purchase of ThyssenKrupp unit

BRUSSELS, July 19 (Reuters) - Spanish car parts maker Gestamp Automocion secured EU approval on Tuesday to acquire ThyssenKrupp’s (TKAG.DE) Metal Forming group.

The companies announced the deal in May. [ID:nWEA7901]

The European Commission, the EU competition watchdog, said the merged entity would continue to face competition from a number of strong competitors.

“Customers would still have sufficient alternative suppliers in all markets concerned,” the Commission said in a statement.

Gestamp is active internationally in the supply of metal components, modules and systems for the automotive industry sector and has as its core business the automotive supply division Gestamp Automocion S.L.

ThyssenKrupp Metal Forming is a group of companies active in the manufacture and supply of body and chassis stampings and assemblies to the automotive sector. (brussels.newsroom@thomsonreuters.com; Tel: +32 2 287 6830)

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