CANADA: German Magna unit to acquire Cadence Czech operations
Magna International's German unit Magna Presstec has won approval from European Union antitrust authorities to acquire the Czech-based operations of bankrupt US rival Cadence Innovation.
Michigan-based parent company Cadence filed for US Chapter 11 bankruptcy protection last August and said then that it wanted to sell off its subsidiaries.
The European Commission said in a statement the proposed transaction was unlikely to have negative effects on competition in the concerned market.
Magna Presstec's takeover of Cadence Innovation's Czech operations followed an announcement in February by parent Magna of its acquisition of the European activities of Cadence Innovation.
Cadence Europe, which supplies automotive interior and exterior plastic components such as instrument panels, bumpers and grilles to European and Asian carmakers, has three production sites in the Czech Republic and one in Hungary.
Cadence Europe reported sales of about US$369m (GBP240m) in 2007.