November 29, 2012 / 3:50 PM / in 5 years

Magna takeover of German auto parts maker cleared in EU

BRUSSELS, Nov 29 (Reuters) - Canadian auto parts maker Magna International Inc secured EU regulatory approval on Thursday for its 308-million-euro ($397.61 million) purchase of German car hydraulic pump manufacturer Ixetic Verwaltungs GmbH.

Ixetic, a manufacturer of hydraulic and vacuum pumps used in automobiles, made 300 million euros in sales last year. The company has two manufacturing facilities in Germany, and one each in Bulgaria and China.

The European Commission said the proposed deal would not hurt competition.

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

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