European Union approves LG-Magna joint venture... Official launch in July.

LG Electronics and Canada Magna International, the world's third-largest auto parts maker, have been approved by the European Union (EU) to establish a joint venture.

The EU Executive Committee (EC) approved the establishment of a joint venture of LG Electronics Magna International on the 25th (local time).

With this approval, the official launch of the joint venture scheduled for July is expected to proceed smoothly.

The joint venture "LG Magna ePower Train,"which will be built in Incheon, will be owned 100% by LG Electronics and among them, Magna will acquire a 49% stake. The acquisition amount is $453 million (501.6 billion won).

Reporter Lee Ji-sun stockmk2020@gmail.com