Continental Acquire half of Phoenix

On 10 June Continental announced that it had reached the 50% mark in its planned takeover of Phoenix. “With 50.02% we have already attained a majority interest and feel that our confidence in procuring over 75% of the shares as targeted has been affirmed,” said Manfred Wennemer, chairman of the Continental executive board.

The company believes that the proposed merger of the two companies is good “industrial logic” and that it has offered Phoenix shareholders a good price. Following sales of around 1.8 billion in 2003 Continental’s ContiTech division see the move as a step towards strengthening its position as one of the world’s leading rubber and plastic technology specialists.