German Antitrust Enforcer Blocks Magna-Karmann Deal

Law360, New York (May 26, 2010, 6:08 PM EDT) -- Germany's antitrust regulator rejected Magna International Inc.'s bid to acquire the convertible roof systems business of bankrupt auto supplier Wilhelm Karmann GmbH on Wednesday, citing excessive consolidation in the car-top market.

The Canadian auto parts supplier's planned acquisition of rival Karmann's car-top business would have left Europe with only two makers of convertible roof systems in an already concentrated market, the Federal Cartel Office said.

Karmann, Magna and a third competitor named Webasto-Edscha are the only companies that make convertible roofs in Europe, and the continent...
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