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September 16, 2014 02:00 AM

German office clears Conti's Veyance acquisiton

Crain News Service
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    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.

    Related Articles
    U.S. clears Conti's purchase of Veyance
    Conti's Veyance acquisition final
    OTHER VOICES: Much benefit from Conti's Veyance purchase
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