GM has formally won permission from the European Commission to buy Delphi's Steering Business and four of Delphi's US sites.

The Commission, the executive arm of the 27-nation European Union, said in a statement that the transaction would not raise competition concerns in the European Economic Area.

"The merged entity will have very small market shares and will continue to face several strong, effective competitors with significant market shares," the EU executive said in a statement.

"The business will be operated as a stand-alone business much as it is today and, at least in the near term, will be held in a wholly owned subsidiary of GM," the automaker said earlier this year.