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Blackstone TRW takeover ok'd

The New York Equity house Blackstone Group has been given the go-ahead from the US anti-trust authorities to acquire TRW Inc's automotive parts unit TRW Automotive – the Lucas brand owner.

The purchase of TRW Automotive for $4.73bn followed on from Northrop Grumman Corporation's purchase of TRW earlier this month.

Blackstone has already stated that it has no plans for structural changes at the automotive parts supplier and the current management would stay in place. The company may be set to make a rights issue.

Northrop is expected to retain an approximately 20 per cent stake in the parts operation after the deal has been concluded.

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