Magna obtains approval for European purchase

The European Commission has given the go-ahead to Magna’s plan to buy a majority stake in Daimler-Chrysler’s New Venture Gear drivetrain unit. New Venture Gear makes components for car drivelines. Magna announced last spring it would buy an 80% stake of the company in a joint venture with DaimlerChrysler. Magma plans to assume full control by September 2007. New Venture Gear had sales of about $1.5 billion last year.