Magna International Inc. signs an agreement to acquire DaimlerChrysler AG’s New Venture Gear Inc. unit for $435 million. The pact calls for Magna and DC to form a joint venture, which will operate facilities in the U.S., while the European operations in Roitzsch, Germany, will be bought directly by Magna. The JV, dubbed New Process Gear Inc., will be 80% owned by Magna, with the remaining 20% owned by DC. Magna is required to purchase DC’s equity stake in September 2007. The pact calls ...
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