FRANKFURT, Oct 28 (Reuters) - German tyre and automotive parts groupAG will enter a domination agreement with newly-acquired Phoenix and merge the company with its ContiTech unit, the group said on Thursday.
declined to comment on how much it would offer minority shareholders to sell under the domination accord.
Continental said in a statement that the measures would be initiated after the closing of the voluntary takeover offer for Phoenix, expected on Nov. 3.
The European Commission approved Conti's takeover of Phoenix on Tuesday with conditions. It said the group had to sell certain activities to safeguard competition.