Fiat Spa has gained European Union approval to acquire sole control of car components maker Magneti Marelli Sistemi Elettronici S.p.A, the EU's executive Commission told the Reuters news agency.

"The operation is purely vertical and does not give rise to any foreclosure effects," the commission reportedly said.

"The examination also showed that MMSE is already Fiat's main supplier of electronic components and that the acquisition did not give rise to any particular foreclosure concerns, given that the markets for electronic components remain competitive and their customers have a strong bargaining power," the commission added, according to Reuters.