Continental AG has launched a bid to buy all the outstanding shares of Phoenix AG. Conti claims Phoenix’ major shareholders support the deal.
Phoenix AG issued the following statement on Monday morning, 29 March:
“Continental AG of Hanover has announced today its intention to submit a voluntary public takeover bid to our shareholders. According to Continental AGÂ´s statement the offer will be â‚¬ 15,00 per share.
“According to the German Securities Acquisition and Takeover Act Continental AG will have to prepare the offer within the…