By Liz White, ERJ staff
Hannover, Germany-Continental AG has acknowledged that the European Commission has decided to take its investigation of the planned takeover of Phoenix AG into Phase II proceedings. The company expects a decision to be forthcoming before October.
â€œIn view of the intensive international competition in the business segments in which ContiTech and Phoenix are active, we still assume that no fundamental problems with antitrust laws will arise,â€ said Manfred Wennemer, Continental chairman, 29 June.
The EC highlighted its wish during Phase II to examine corporate operations in air suspension and some conveyor belt systems.
â€œIn both sectors we are involved in extremely specialised product areas with strong international competition and fierce price competition, also due to local suppliers,â€œ explained ContiTech general manager Gerhard Lerch.