Brussels  - European regulators Thursday gave the thumbs up to the planned takeover by General Motors (GM) of components maker Delphi Steering Business, saying the deal did not raise competition concerns.

In a statement, the European Commission said its examination of the transaction had concluded that "for all automotive components, the merged entity will have very small market shares and will continue to face several strong, effective competitors with significant market shares."

The struggling US carmaker plans to acquire Delphi Steering Business and four US sites of the US automotive component supplier Delphi. Delphi used to be owned by GM and remains a major supplier to the company.

GM is currently trying to sell its European subsidiary Opel, which is based in Germany. (dpa)