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German Cartel Office Blocks Magna, Karmann Deal

FRANKFURT -(Dow Jones)- Germany's Cartel Office Wednesday blocked the takeover of auto parts supplier Wilhelm Karmann GmbH's convertible roof systems unit by Austrian-Canadian auto parts maker Magna International Inc. (MGA) as previously indicated. "In an already highly concentrated market the combination of Magna and Karmann would have led to [a situation] where only two providers of convertible roof systems exist in Europe," Cartel Office president Andreas Mundt said in a statement. Following Webasto AG's takeover of Edscha AG's convertible roof systems unit last year, the German Cartel Office had indicated it wouldn't be happy with further takeovers in this sector. Karmann filed for bankruptcy protection April 8, 2009. Before filing for insolvency, Karmann produced roof systems for Daimler AG's (DAI) Mercedes-Benz brand, Volkswagen AG (VOW.XE) and Renault SA (RNO.FR) among others. Volkswagen, which like Karmann is headquartered in the German state of Lower Saxony, bought land, machinery and equipment parts from the troubled firm in November 2009. "We know about the precarious situation of the company...but to our knowledge...there are several seriously interested bidders," Mundt said. Spanish auto component supplier CIE Automotive SA (CIE.MC) has repeatedly been named as a potential buyer. -By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512; christoph.rauwald@dowjones.com

Stock News for Magna (MGA)
DateTimeHeadline
04/27/201610:08:00Magna Joint Venture Begins Production of Dual-clutch Transmissions...
04/27/201610:08:00Magna Joint Venture Begins Production of Dual-clutch Transmissions...
04/25/201609:46:00Magna Signs Agreement to Acquire Automotive Electronics Engineering...
04/25/201609:46:00Magna Signs Agreement to Acquire Automotive Electronics Engineering...
04/19/201611:28:00Magna SmartLatch™ locks up 2016 PACE Award
04/19/201611:28:00Magna SmartLatch™ locks up 2016 PACE Award
04/14/201618:48:00Magna International Inc. - Annual Meeting of Shareholders and...
04/14/201618:13:00Magna International Inc. - Annual Meeting of Shareholders and...
04/14/201618:13:00Magna International Inc. - Annual Meeting of Shareholders and...
04/10/201621:10:00Renault Tries to Fix Russian Misadventure
03/31/201606:05:26Report of Foreign Issuer (6-k)
03/30/201616:40:00Magna launches 'Safer Mobility' public challenge to uncover innovative...
03/29/201618:15:00Magna Posts 2015 Annual Report
03/29/201617:32:43Report of Foreign Issuer (6-k)
03/29/201617:25:00Magna posts 2015 Annual Report
03/29/201617:25:00Magna posts 2015 Annual Report
03/29/201616:14:25Securities Registration: Employee Benefit Plan (s-8)
03/29/201615:57:55Report of Foreign Issuer (6-k)
03/29/201615:55:06Annual Report (foreign Private Issuer) (40-f)
03/28/201607:13:00Report of Foreign Issuer (6-k)

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