Conti’s bid for Phoenix succeeds

By Liz White, ERJ staff
Hannover, Germany-Continental AG has taken a further step in the development of its technical rubber goods business ContiTech, by gaining more than 75 percent of the shares of rival rubber parts maker Phoenix AG of Hamburg.
The announcement ends a few days of frenzied media speculation about the success or otherwise of Continental’s offer, which has been hanging in the balance while Phoenix shareholders deliberated.
The German tyre and automotive supply group had earlier specified that it would only proceed with…

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