Phoenix sells assets ahead of takeover by Conti

Newswire

FRANKFURT, Dec 30 (Reuters) - Phoenix AG has sold two assets to clear the way for its 500-million-euro ($681-million) takeover by tyre maker Continental , the German automotive supplier said on Thursday. Phoenix sold 50 percent of air spring distributor Vibracoustic GmbH & Co KG to its joint venture partner, Germany's Freudenberg & Co KG, and also sold its air spring production unit to Freudenberg. The European Commission had demanded the businesses be sold as a condition to the ...

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