Phoenix Take-Over Likely to be Approved

The European Commission looks likely to approve the take-over of the German automotive supplier Phoenix AG by competitor Continental “on conditions.“ Although the Commission has not made its decision official, the German newspaper Die Welt quotes informed sources. According to the newspaper, Continental had to agree to “small concessions” that the management had generally expected. “We’ve made small concessions (to the EU) and we’re confident that with this step the deal now will go through,” said Continental chairman, Manfred Wennemer. The EU insisted on the compromise because of the companies’ overlapping product portfolios. No further details of the concessions have been given. The Commission will officially announce its decision in two weeks time.