Law360, New York (August 13, 2009, 4:55 PM ET) -- The European Union has approved General Motors Corp.'s acquisition of bankrupt automotive parts maker Delphi Corp.'s global steering business, another step toward the company's emergence from Chapter 11 protection.
The EU said the acquisition by GM, which is also taking over four Delphi plants in the U.S., would not impede business in Europe because other companies with significant market shares would still be able to compete effectively.
On July 30, a bankruptcy judge approved Delphi's plan to sell itself to a group that includes its lenders...
EU Signs Off On GM Purchase Of Delphi Steering Unit
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