The European Commission rules in favour of the planned SEK6.9bn acquisition of Volvo Aero by British engineering group GKN Plc, after concluding that the combination would not hurt competition in the European Economic Area (EEA).
GKN announced in early July the agreement to buy the aerospace engine components business of Swedish commercial transport solutions group AB Volvo, saying it would be a substantial addition to GKN Aerospace’s engine components operations. The combination would give GKN Aerospace a top position in this sector to complement its leadership in the composite aerostructures segment, the buyer has said.
In its statement, the EC said it had focused its review of the deal on the overlaps between the two companies’ operations in the production of certain aircraft engine components and decided that the transaction would not substantially limit supply options for customers.
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