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US: BorgWarner secures China Remy buy approval

By Simon Warburton | 5 November 2015

Remy says China's Ministry of Commerce has approved the acquisition of the company by BorgWarner, with the inking the last of the regulatory approvals needed.

Remy currently expects the closing of the transaction will take place on 10 November, subject to the satisfaction or waiver of the remaining customary conditions to closing set forth in the merger agreement.

In the event the closing occurs prior to the end of business on 11 November,  holders of Remy common stock prior to the closing of the transaction will not be entitled to receive the Remy dividend otherwise payable on 25 November.