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Article: Phoenix rises on Continental bid; More winners than losers in Shareholder Value Index for suppliers.(News)
- Article from:
- Automotive News Europe
- Article date:
- May 3, 2004
CopyrightCOPYRIGHT 2004 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Sylviane de Saint-Seine
A bid by German tire and car parts maker Continental AG led to a 61 percent quarterly return for shareholders in Phoenix AG, a leading supplier of rubber technology and acoustic systems.
On March 29, Continental offered [euro]15 a share, a 16 percent premium on the opening share price. Phoenix's largest shareholder Daun & Cie., which holds 22.3 percent of the company's shares, has accepted Continental's offer.
ProEQUITY, a unit of German bank WestLB, has also agreed to sell Continental its 14.8 percent stake in Phoenix. The takeover depends on approval from EU antitrust authorities. Continental said it expects to ...