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Mexico's Alfa gets EU approval to buy Norsk Hydro casting unit

European Union regulators approved Alfa SA's €416 mln ($546 mln) purchase of Norsk Hydro ASA's aluminum casting unit’s in Hungary, Germany, Ausztria and Sweden.

Monterrey-based Alfa, Mexico's second-largest industrial company, is buying four aluminum engine parts plants in Hungary, Germany, Austria and Sweden through its auto-parts unit Nemak. „The proposed transaction would not give rise to a significant reduction of competition,” the European Commission, the 27-nation EU's antitrust regulator in Brussels, said in a statement today. „Sufficient production capacity is available on the market. Capacity is even expected to increase in the foreseeable future.” Oslo-based Hydro, the world's fourth-largest aluminum maker and Norway's second-biggest oil producer, announced the divestment in November. Hydro is selling the unit to focus on producing primary aluminum at its metals business. (Bloomberg)