Continental needs another 16.25 pct of Phoenix

Newswire

FRANKFURT, June 28 (Reuters) - Continental AG needs Phoenix shareholders to tender a further 16.25 percent stake by the end of Monday if a 277-million-euro ($336 million) takeover bid is to succeed, Continental said. As of Friday afternoon Continental, the world's fourth-largest tyre maker, controlled 58.75 percent of rubber and plastics parts maker Phoenix , Conti said over the weekend. Chief Executive Manfred Wennemer told Reuters on Friday that the company had decided neither to ...

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