Continental in a hurry to incorporate Phoenix

By Liz White, ERJ staff
Hanover, Germany-Continental AG wants to consolidate its ContiTech subsidiary with the Phoenix AG rubber business “without delay,” following the European Commission’s approval of the takeover.

Continental made its original bid for Phoenix shares at Euro 15 each, or some Euro 290 million in total, in May this year.

“We are aiming to conclude a control and profit and loss absorption agreement between Phoenix AG and our ContiTech Holding GmbH as well as to merge Phoenix and ContiTech,” said Continental chairman…

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