Phoenix shareholders bless takeover by Continental

Newswire

FRANKFURT, Dec 28 (Reuters) - Shareholders of German car parts supplier Phoenix approved on Tuesday its acquisition by larger rival Continental AG , Phoenix said in a statement on Wednesday. Continental will merge the company with its ContiTech division to create a business with annual revenues of around 2.9 billion euros ($4 billion). At an extraordinary shareholder meeting that lasted into Tuesday night, 90.6 percent of the Phoenix shareholders present approved the merger. The ...

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