COMMISSION CLEARS ANOTHER CAR PARTS MERGER.
The European Commission announced on March 12 that it has cleared plans by US car parts maker Dura Automotive Systems, Inc. to acquire Adwest Automotive Plc via a public takeover bid. Dura designs and manufactures cruise-control systems, cable-related systems and engineered mechanical components for the automotive industry. Dura is controlled by Onex Corporation, a diversified company incorporated in Canada. Adwest is a public company, incorporated in the UK, supplying automotive systems and components to major car manufacturers. The Commission found no competition problems despite the merged entity becoming market leader in the supply of cables and brake levers to the automotive industry, noting that "a number of strong players remain in this segment". The Commission also took into account the strong bargaining position of car manufacturers.
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|Date:||Mar 13, 1999|
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