The European Commission passed an anti-monopoly review on the 3rd, arguing that the establishment of a joint venture between Hubei Zhonghang Seiki and Canadian auto parts supplier Magna will not cause competition concerns and will be approved for review.
According to the official website of Hubei Zhonghang Precision Machinery Co., Ltd., the company’s joint venture with Magna’s wholly-owned subsidiary Magna Seat was officially signed in May. The two sides will jointly invest 1.49 billion yuan to build a production base for parts such as car seat products in Fuyang, Hubei.
The European Commission stated that it received the anti-monopoly declaration of the joint venture in July, and the relevant investigation adopted a simplified anti-monopoly review procedure.
According to Magna's official website, Magna is a global auto parts supplier with 321 manufacturing plants and 102 product development, engineering and sales centers in 29 countries. Due to the cross-border mergers and acquisitions of multinational corporations and the establishment of joint ventures, which may affect the economy of other countries, it is generally necessary to pass anti-monopoly review by relevant departments such as China, the European Union, the United States, and Canada.
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