Crain News Service report
FRANKFURT, Germany (Sept. 16, 2014) — The German cartel office has cleared Continental A.G.'s acquisition of Veyance Technologies Inc.
The office said that “despite Continental's high market share and a reduction in the number of suppliers down to three from four, the Federal Cartel Authority sees no reason why competition will be significantly impaired.”
In May the cartel office launched an in-depth assessment of
Continental's planned takeover of U.S. rubber firm Veyance Technologies.
The probe evaluated the potential market impact of the deal, a spokesman for the cartel office said.
Continental had reached an agreement with the Carlyle Group in February to purchase Veyance for about $1.91 billion.
__________________________________________________
This report appeared on the website of European Rubber Journal, a UK-based sister publication of Tire Business.
Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].
