Green Light for Integration of Phoenix into ContiTech
After procuring more than 75% of the Phoenix capital stock in November, the Continental subsidiary ContiTech AG may in the future exercise a dominating influence over Phoenix AG following the vote of the Phoenix shareholders. At the extraordinary shareholders’ meeting of Phoenix AG on December 28, the shareholders of the Hamburg company approved a corresponding control and profit and loss transfer agreement which had already been concluded between Phoenix and ContiTech on November 16. The agreement will go into effect as soon as it has been entered in the commercial register.