February 6, 2013 / 4:50 PM / 5 years ago

U-Shin buy of Valeo car lock unit approved in EU

BRUSSELS, Feb 6 (Reuters) - Japanese car parts maker U-Shin secured EU regulatory approval on Wednesday to purchase the car lock unit of French peer Valeo.

The companies announced the deal in November last year. Valeo’s car lock subsidiary, which has its main operations in Europe and South America, is estimated to have an enterprise value of 223 million euros ($301.90 million).

The European Commission said in a statement that it did not see any competition concerns arising from the takeover.

“The merged entity would continue to face competition from a number of strong competitors, while its customers are mainly large sophisticated original equipment manufacturers that make purchases through highly competitive bidding processes,” it said.

$1 = 0.7387 euros Reporting by Foo Yun Chee; editing by Adrian Croft

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