European Union regulators on Wednesday approved the $98-million sale of Dana Corp.'s engine parts business to German supplier Mahle GmbH, saying the deal did not pose antitrust concerns.
The European Commission said the purchase "would not significantly impede effective competition" in the 27-nation market.
Under the deal, Mahle, an automotive-parts supplier based in Stuttgart, Germany, would pay $98 million in cash and assume certain liabilities for various Dana production sites that make up the engine business. Dana said it expects the sale to close in the first quarter of this year.
Dana, based in Toledo, makes axle, driveshaft, structural and sealing products for cars and commercial trucks. It filed for Chapter 11 bankruptcy protection last March. The company has been seeking a buyer for the engine parts business since late 2005.