EU clears GM's takeover of car parts maker Delphi

The European Union said Thursday it has approved the acquisition by General Motors of U.S. car parts maker Delphi Steering Business.

It said the merger, which also includes four plants of financially ailing Delphi Corp., will cause no antitrust problems in Europe.

Delphi is GM's former parts division that still makes 10 percent of the parts that go into GM models. It was spun off in 1999 and sought protection from creditors in 2005.

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The European Commission said "that for all automotive components, the merged entity will have very small market shares and will continue to face several strong, effective competitors" in the EU.

On July 30, a New York court approved Delphi Corp.'s plan to hand control of the big auto parts supplier to its lenders to end its four-year stay under Chapter 11 protection.

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On the Net: http://ec.europa.eu/competition/mergers/cases/index/m111.html