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 next four weeks from today. Continental AG must publish the offer immediately after examination and clearance by the German Bundesanstalt fÃ¼r Finanzdienstleistungsaufsicht (BaFin).
"The Executive Board and the Supervisory Board of Phoenix AG will examine the bidding document carefully and release a statement."
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Continental AG statement