EU approves acquisition of Hay by Japanese companies
The European Commission has announced the approval of the joint control acquisition of German manufacturer Hay by Japanese firms Musashi Semitsu Industry and Sumitomo. The Commission found no competition issues as the companies have no mutual activities.
The European Commission said on March 21 that it has approved, under the EU Merger Regulation, the proposed acquisition of joint control of Hay of Germany by Sumitomo and Musashi Semitsu Industry (MSI) both of Japan. Hay manufactures precision forged and machined parts for automotive transmissions, engines and drivelines. Sumitomo is an integrated trading and investment company which is active in the provision of pipes, accessories and services to companies in the energy and manufacturing indust...