U.S. Markets closed

EU regulators clear U.S. wheel parts firm Accuride's Mefro Wheels buy

BRUSSELS (Reuters) - EU antitrust authorities approved on Monday U.S. wheel parts supplier Accuride's acquisition of German peer Mefro Wheels after it agreed to sell an Italian business.

The European Commission said it had been concerned about the combined company's more than 60 percent market share and the lack of competitors in Europe. Both companies make steel wheels for cars, trucks, buses and military vehicles.

Accuride, which is controlled by private equity firm Crestview L.L.C., will sell its Gianetti Ruote subsidiary to address the regulatory concerns.

(Reporting by Robert-Jan Bartunek and Foo Yun Chee)