Iochpe-Maxion SA, a Brazilian auto- parts maker, jumped to a one-year high as the U.S. Federal Trade Commission approved its purchase of Hayes Lemmerz International Inc.
Iochpe-Maxion said in a regulatory filing on Oct. 5 it agreed to acquire the U.S.-based rival for $702 million plus the assumption of $23 million in debt. The purchase was approved by U.S. antitrust regulators, the company said in a filing today.
“We were expecting the deal to be approved in the first half of 2012,” Banco J. Safra analysts Cassio Lucin and Caroline Dalago wrote in a note to clients. “As a result, we should see a stronger 2012 first quarter.”
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