Brussels, 31/08/2007 (Agence Europe) - On 30 August, the European Commission approved the planned acquisition by the open joint stock company Russian Machines (RM) of Russia, part of the Basic Element Group, and The Stronach Trust of Canada of joint control of Magna International Inc. of Canada. The Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it. The Commission's examination of the proposed transaction showed that the vertical overlaps within the EEA between Magna, as a manufacturer of automotive components and RM's activities as a manufacturer of light commercial vehicles (LCVs) are limited. The only affected market is the supply of inside mirrors. Considering the very limited scale of RM's activities on the downstream market for LCVs at both EEA and national level, the Commission concluded that the present transaction will not lead to any significant reduction in competition. (ol)