From AFX News Limited
HANOVER, Germany — Continental AG said it wants to merge Phoenix AG without delay with its ContiTech Holding GmbH, which makes rubber-based automotive parts and components, and conclude a control and profit and loss absorption agreement between them.
The German automotive supplier’s takeover of Phoenix was expected to be completed by this week.
As part of the agreement, Continental must make an offer to the remaining minority shareholders. A spokesman could not say when or how the offer will be made.
ContiTech will also be transformed into a public company (AG) from a limited company (GmbH).
“The restructuring measures will make it possible to consolidate the commercial operations of Phoenix and ContiTech so that the benefits of the merger can be realized quickly in the interest of the shareholders and the employees of the companies involved,” said Continental CEO Manfred Wennemer.
The EU Commission conditionally approved the takeover on Tuesday.
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