EU to probe Continental takeover of Phoenix

Newswire

BRUSSELS, June 29 (Reuters) - The European Commission on Tuesday launched an in-depth investigation into tire maker Continental AG's planned acquisition of German automotive supplier Phoenix AG to determine whether the deal would damage competition in the EU. The four-month probe by the European Union executive comes on the same day that Continental AG said its 227 million euro ($276.3 million) takeover bid to acquire its smaller German rival had succeeded. Continental aims to acquire ...

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