The European Union Commission has approved Continental AG’s purchase of Phoenix AG, based in Hamburg, Germany. To assuage the commission’s fair-competition reservations, Continental agreed to sell Phoenix’s Vibracoustic Holding, which specializes in vibration control and suspension technology, and halt Phoenix’s production of air spring original equipment for commercial vehicles. Continental will also dispose of a heavy conveyor belt production line.
EU clears merger of Continental AG, Phoenix AG
Nov 8, 2004