Hanover, Germany – Germany’s Continental has insisted that its deal for the acquisition of US rubber firm Veyance Technologies will be completed before the yearend.
In an interview with ERJ, a spokesman for the group's ContiTech business denied a report by German magazine Bilanz suggesting that the company might not be able to complete the deal due to the US government’s misgivings.
Speaking to ERJ, the spokesman said that “negotiations with authorities are still on-going” and that the company would not make a comment in the meantime. He said Contitech expected to complete the deal "within the next six weeks, i.e. before the end of 2014".
In February 2014, Continental announced the purchase of the US-based maker of industrial hoses and belting for €1.4 billion.