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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
07/22/201612:37:00Magna International Inc. - Notice of Conference Call for Second...
07/22/201611:35:00Magna International Inc. - Notice of Conference Call for Second...
07/22/201611:35:00Magna International Inc. - Notice of Conference Call for Second...
07/15/201617:16:33Report of Foreign Issuer (6-k)
07/15/201617:16:33Report of Foreign Issuer (6-k)
07/15/201617:09:00Magna Establishes U.S. $500 Million Commercial Paper Program
07/15/201617:06:00Magna Recommends Rejection of "Mini-Tender" Offer
07/15/201617:05:00Magna Establishes U.S. $500 Million Commercial Paper Program
07/15/201617:05:00Magna Recommends Rejection of "Mini-Tender" Offer
07/15/201617:05:00Magna Establishes U.S. $500 Million Commercial Paper Program
07/15/201617:05:00Magna Recommends Rejection of "Mini-Tender" Offer
06/24/201615:24:35Annual Report of Employee Stock Plans (11-k)
06/23/201617:17:07Report of Foreign Issuer (6-k)
06/23/201617:15:20Report of Foreign Issuer (6-k)
06/23/201609:00:00Magna celebrates five million transfer cases for BMW Group
06/23/201609:00:00Magna celebrates five million transfer cases for BMW Group
06/14/201611:23:00Magna Receives Ford World Excellence Award
06/14/201611:23:00Magna Receives Ford World Excellence Award
05/31/201614:29:26Specialized Disclosure Report (sd)
05/25/201604:00:00Magna Announces New Aluminum casting facility in the UK

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