US CAR PART MANUFACTURER CLEARED FOR TAKEOVER.

The European Commission has decided to clear a deal giving car component manufacturer Dana Corporation sole control over the bearing maker Glacier Vandervell Bearings Group. In its one-month routine scrutiny period where the Commission's Merger Task Force invites interested parties to comment on the deal and establishes the companies' market share, the EU executive has "not found any substantial overlaps in the activities of the parties". Dana is a US-based worldwide producer of components and systems for vehicle and industrial manufacturers and also Dana provides financial leasing services. The company operates plants in the US, South America, Asia and in the European Union with a worldwide turnover in 1997 of ECU 10,500 million. Glacier Vandervell...