Conti succeeds in first part of bid for Phoenix; Phoenix shareholders make Conti sweat, but capitulate at the last minute. Now the EU will take its investigation of the takeover to phase 2 and evaluate competition in airsprings and conveyor belting.(News)

European Rubber Journal,  July, 2004  

Tags: Phoenix Technologies, shareholder

• E-mail
• Print
• Link

Byline: Liz White

Continental AG has taken a major step in the development of its technical rubber goods business ContiTech, by gaining more than 75 percent of the shares of rival rubber parts maker Phoenix AG of Hamburg.

The 29 June announcement ended days of frenzied media speculation about the success or otherwise of Continental's offer, which has been hanging in the balance while Phoenix shareholders deliberated right up until the 28 June deadline.

The German tyre and automotive supply group had earlier emphasised that it would only proceed with its bid to buy Phoenix if ...

Read the rest of this article with a Free Trial at HighBeam Research.