Brussels, 7 March 2023
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by Magna International Inc. (‘Magna’) of Canada and Minth Group Limited (‘Minth’) of the Cayman Islands.
The joint venture will be active in the design, development, manufacture and sale of front and rear fascia assembly, plastic liftgates and liftgate systems to original equipment manufacturers (‘OEMs’) in China. Magna is mainly active in the design, engineering and manufacturing of components, assemblies, systems, and modules for OEMs of passenger cars and light commercial vehicles. Minth is primarily active in the research, development, production and sales of car parts.
The Commission concluded that the proposed transaction would raise no competition concerns, given that the joint venture has no actual and foreseen activities in the European Economic Area. The transaction was examined under the simplified merger review procedure.
More information is available on the Commission’s competition website, in the public case register under the case number M.10998.
Source – EU Commission