Conti announces bid to buy Phoenix AG

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 AG´s statement the offer will be € 15,00 per share.

“According to the German Securities Acquisition and Takeover Act Continental AG will have to prepare the offer within the…

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