Conti-Phoenix merger approved

Brussels–The European Commission has approved Continental AG’s takeover of Phoenix AG. In order to meet EC concerns over possible distortion of the airspring and conveyor belting markets arising from the merger, said a statement from Conti, “Continental agreed to sell Phoenix’s Vibracoustic holding (a joint venture with Freudenberg & Co. KG in the area of vibration control and suspension technology) along with Phoenix’s production of air spring original equipment for commercial vehicles.”

The company has also, “agreed to dispose of a heavy conveyor belt production line….

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