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Germany: Commission approves Magna to buyout automotive supplier rival

By  |  November 29, 2012

Canada’s Magna has just been given approval by the European Commission to buy out its major rival ixetic Verwaltungs GmbH of Germany. Both are automotive suppliers. The Commission said in a press release that Magna will still face major competitors and that the deal would not hamper consumer choice. Of primary concern for the Commission were the sup-markets of vacuum pumps for brake systems and transmission oil pumps for engines; the two parties involved overlap with these products.

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