Conti Backs Out of Qingdao Agreement
Continental AG has retreated from its memorandum of understanding with China’s Qingdao Doublestar, Bloomberg has reported. A Continental spokesperson told Tyres & Accessories that the decision was made recently when the company realised it would not be able to gain a majority share in the Chinese joint venture. Because the decision was taken at this early stage, no money has been lost, the representative said.