China approves GM's Delphi deal

Beijing approved General Motor’s (GM) plan to buy part of auto-parts supplier Delphi, the Wall Street Journal reported. Authorities in the US and the European Union had already approved the deal after US courts ruled to allow Delphi to sell its assets to its lenders and GM. Bejing’s approval of the deal was conditional: Delphi is not allowed to share the trade secrets of other Chinese auto manufacturers that might give GM a competitive advantage and GM is not allowed to set unreasonable procurement conditions that would benefit Delphi but hurt other firms. Delphi operates 17 wholly-owned entities and joint ventures in China and 21 manufacturing sites. It employs about 12,000 full-time staff.