By Mike McNulty, Crain News Service
FAIRLAWN, Ohio (Aug. 13, 2014) — The acquisition of Veyance Technologies Inc. by ContiTech A.G. is proceeding along relatively smoothly and should be finalized by the fourth quarter.
ContiTech expected that antitrust authorities would investigate the planned transaction “with appropriate effort” when it announced the deal to buy Veyance in February for about $1.91 billion, a company spokesman said. The probe in some jurisdictions has led to a second phase of investigations, he said.
“Because of the size (of the transaction), we had expected that the cartel office would look deeper inside the deal,” he said. “So I think it's business as usual.” Basically, it's the duration the company expected, and things are running as planned, according to the spokesman.
He said Hanover, Germany-based ContiTech has submitted documents for examination in all mandatory jurisdictions within relevant countries. It has received clearances in some of the countries, he noted, although he did not name them.