30 Dec 2004
Hamburg--Shareholders in Phoenix AG have sold the company's stake in the Vibracoustic joint venture to former partner, Freudenberg & Co. The sale is in line with a ruling by the EU in connection with the merger of Phoenix and ContiTech. Freudenberg becomes the sole owner of Vibracoustic in Europe.
Separately, at an Extraordinary General Meeting on 28 Dec., shareholders in Phoenix AG approved the merger agreement between Phoenix and ContiTech. The agreement will come into effect as soon as the administration is completed.
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Phoenix Press release from Conti
Vibracoustic Press release from Conti
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