BERLIN (AP) -- Germany's antitrust authority has blocked a plan by Canada's Magna International Inc. to acquire the convertible roof systems business of car maker Wilhelm Karmann GmbH.
The Federal Cartel Office argued Wednesday that the auto parts supplier's planned purchase would have reduced competition to an unacceptable degree.
The German news agency DAPD reported that cartel office president Andreas Mundt said it would have left Europe with only two major suppliers of convertible roof systems, and the result would have been higher prices for consumers.
The planned purchase was announced in March. The antitrust office said it had taken into account the fact that Karmann has filed for bankruptcy protection, but argued that other bidders were interested.