BRUSSELS, March 12 (Reuters) - German car parts maker ZF Friedrichshafen secured European Union antitrust clearance on Thursday for its proposed $13.5 billion takeover of TRW Automotive Holdings Corp after agreeing to sell the U.S. peer’s chassis components unit.
ZF, which supplies chassis components to Audi, BMW and others, wants to boost its presence in the potentially lucrative self-driving car market via the deal.
The European Commission said the sale of TRW’s chassis components unit, including plants, intellectual property rights and supply contracts, would remove the overlap between the two companies in this area.
“The divestments would allow the entry of an additional manufacturer and supplier of these products,” the EU competition authority said in a statement.
Reuters was the first to report the imminent EU approval for the deal on March 4. (Reporting by Foo Yun Chee; editing by Adrian Croft)