Analysts see Continental's Phoenix bid succeeding

Newswire

FRANKFURT, June 29 (Reuters) - Shares in automotive supplier Phoenix AG rose on Tuesday as investors bet a 227 million euro ($276 million) bid by rival Continental AG will go through despite last-minute worries. Phoenix stock changed hands at an all-time high of 15.50 euros per share, more than the 15 euros Continental is offering, even though the tyre maker said it would not sweeten its offer to win the 75 percent of Phoenix shares it needs for the deal. "It's a very reasonable price ...

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