Magna takeover of German auto parts maker cleared in EU

Newswire

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 ...

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