German cartel office clears Continental takeover of Veyance
27 May 2014
ERJ staff report (TP)
Frankfurt, Germany – The German cartel office announced today that it has cleared Continental AG's acquisition of Veyance Technologies.
The office said that "despite Continental's high market share and a reduction in the number of suppliers down to three from four, the Federal Cartel Authority sees no reason why competition will be significantly impaired".
Back in May the cartel office launched an in-depth assessment of Continental AG's planned takeover of US rubber firm Veyance Technologies.
The probe evaluated the potential market impact of the deal, a spokesman for the cartel office said.
In February, ERJ reported that Continental had concluded an agreement with The Carlyle Group (Washington DC), relating to the purchase of Veyance Technologies Inc (Fairlawn, Ohio) for €1.4bn.