EU approves Magna buy of Daimler's NVG unit

Newswire

BRUSSELS, Sept 27 (Reuters) - Canadian autoparts maker Magna International won approval on Monday from the European Commission to buy a majority stake in DaimlerChrysler's New Venture Gear drivetrain unit, the EU's executive body said. Magna announced the deal in May, when it said it would initially own 80 percent of the renamed New Process Gear in a joint venture with Daimler Magna, the world's seventh biggest autoparts supplier, said it would pay about $435 million in cash and notes ...

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