EU approves Alfa's buy of TK Aluminum plants

BRUSSELS - A unit of Mexican conglomerate Alfa won permission from the European Commission on Tuesday to buy auto parts plants in five countries.

The assets are being bought from Bermuda-based holding company TK Aluminum for $500 million, plus an equity interest in Alfa's car unit Nemak.

"The Commission concluded that the proposed transaction would not significantly impede competition in the European Economic Area (EEA) or any substantial part of it," the European Union executive said in a statement.

Alfa, one of Mexico's biggest conglomerates also with interests in petrochemicals and processed food, said when the deal was announced that the acquisition would expand its auto parts business in China, Poland, Argentina, Brazil and the United States.

The purchase was made through Nemak.