The European Union has approved the acquisition of Delphi Corp.'s steering business -- which includes Delphi's plant in Rochester -- by General Motors Co.
The EU said the deal, which includes three other Delphi plants, will cause no antitrust problems in Europe.
Delphi is GMís former parts division that still makes 10 percent of the parts that go into GM models. It was spun off in 1999 and sought protection from creditors in bankruptcy court in 2005.
The European Union said ěthat for all automotive components, the merged entity will have very small market shares and will continue to face several strong, effective competitorsî in the EU.
On July 30, a New York City court approved Delphi's plan to hand control of the rest of the company to its lenders to end its four-year stay under Chapter 11 protection.
BUSINESSNEWS@DemocratandChronicle.comhttp://www.democratandchronicle.com/apps/pbcs.dll/article?AID=200990817014
