BRUSSELS - The European Commission has approved the acquisition of Austrian supplier Steyr-Daimler-Puch by Magna International.
Although both supply the automobile industry, the commission said their activities did not overlap and the operation would not create a dominant position.
Magna agreed in March to pay $312 million for shares owned by Austrian Bank Creditanstalt: 66.8 percent of Steyr-Daimler-Puch AG, the assembly company, and 50 percent of Steyr Fahrzeug Technik, the engineering consultancy. A new Magna-Steyr management team is expected to be announced later this month.
Magna posted $5.5 billion in worldwide sales of original equipment parts in fiscal 1997. Its products include interior, powertrain and body and chassis systems.
Steyr builds minivans in Graz, Austria, as a 50-50 partner with Chrysler. It also produces Chrysler's Jeep Grand Cherokee, the four-wheel-drive Mercedes-Benz E-class and Mercedes G-Wagen and develops and builds powertrains for medium- and heavy-duty trucks.