Continental Gains 75.96% of Phoenix Shares

The final deadline for acceptance of the takeover offer Continental AG, Hanover, has submitted for Phoenix AG, Hamburg, has expired. Upon completion of the statutory mandated two-week deadline extension, the international automotive supplier now has more than 75.96 percent of Phoenix shares at its disposal.

Execution of the takeover now depends on the outcome of the EU commission’s antitrust investigation. The EU is expected to issue its go-ahead until October.

With the takeover of Phoenix AG, Continental AG intends to further develop its ContiTech division into one of the world’s leading specialists in rubber and plastics technology.