EU approves Chinese, German companies' joint control over ASCN in auto sector

BRUSSELS - The European Union (EU) regulators gave the green light to a joint takeover by Chinese and German companies in auto sector Friday, saying the deal would not raise competition concerns.

The European Commission has approved under the acquisition of joint control over Bosch Automobile Steering (Nanjing) Co Ltd (ASCN) of China by Bosch of Germany and Huayu Automotive Systems Company Ltd (HASCO) of China, it said in a statement.

The Commission concluded that the proposed acquisition "would raise no competition concerns given that the companies' activities do not overlap in the EEA (European Economic Area)," said the EU executive arm.

ASCN, predominantly in China, is active in the production of power assisted steering gears and a subsidiary of Bosch, which is a supplier of technology and services for the automotive industry.

HASCO is active in the development, production and sale of automotive components for a variety of car manufacturers.