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.
“In 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,†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.
“In both sectors we are involved in extremely specialised product areas with strong international competition and fierce price competition, also due to local suppliers,“ explained ContiTech general manager Gerhard Lerch.
