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July 6, 2005 / 12:22 PM

EU OK's Goldman Sachs deal with Perilli

BRUSSELS, July 6 (UPI) -- The European Commission Wednesday approved Goldman Sachs Group Inc.'s plan to buy Pirelli & Co. SpA's cable manufacturing business.

Goldman Sachs's private-equity arm, Goldman Sachs Capital Partners, will pay $1.547 billion for the business, which makes energy transmitting and telecommunications cables.

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"The acquired businesses face strong competition from companies such as Corning and DrakaComteq," the commission said in a statement.

The commission is the administrative arm of the European Union.

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