Manufacturing Industry
Continental offers to buy rival Phoenix.(News)(Continental AG to buy out Phoenix AG and fold it into its own ContiTech unit)(Brief Article)
Plastics News, April, 2004
Byline: Rhoda Miel German automotive supplier Continental AG has launched a bid to buy out competitor Phoenix AG and fold it into its own ContiTech unit. Phoenix Chairman and major shareholder Claas E. Daun has agreed to the takeover offer of 15 euros ($18.50) per share, Continental announced March 29.
The full deal would be worth about 227 million euros ($280.6 million). Both companies are best known for their rubber systems, but both Hamburg, Germany-based Phoenix and Hanover, Germany-based Continental also process plastics. Phoenix compounds its own thermoplastic elastomer under the Phoenoprene name and uses TPE along with rubber in automotive sealing systems, and combinations of polyamide, polyester and other thermoplastics in hoses for fuel,...
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