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Phoenix AG Takeover Bid
Manufacturing News Center
Hamburg, Germany--Hamburg, March 29, 2004-- Continental AG of Hanover
has announced today its intention to submit a voluntary public takeover
bid to our shareholders. According to Continental AG´s statement the
offer will be $ 15,00 per share.
According to the German Securities Acquisition and Takeover Act Continental
AG will have to prepare the offer within the next four weeks from today.
Continental AG must publish the offer immediately after examination and
clearance by the German Bundesanstalt für Finanzdienstleistungsaufsicht
(BaFin).
The Executive Board and the Supervisory Board of Phoenix AG will examine
the bidding document carefully and release a statement.
Of course we will keep you informed about the process of this procedure.
In November 15, 2003, Vibracoustic, a joint
venture between Phoenix AG and the Freudenberg Group, expanded its
activities in the area of vibration control for automotive applications
at its Hamburg location.
About Phoenix AG:
Headquartered in Hamburg, Germany, Phoenix AG today ranks among the world's
leading suppliers of modern rubber technology and acoustic insulation
systems. With nearly 50 locations and some 10,000 employees worldwide.
The Phoenix group generated 2001 revenues in the amount of $ 1,134 million,
of which 57% through sales to carmakers and 43% from sales to other industries.
In 2002, Phoenix recorded consolidated
revenues in the amount of $ 1,131.6 million, of which 59% from sales
to the automobile industry and 41% from sales to other industries.
Phoenix develops and produces high-tech products for the automobile industry
and other industries. The Phoenix Group has a management holding structure
that includes core activities in three areas, Comfort Systems, Fluid Handling
and Conveyor Belt Systems, as well as the activities of Other Business
Units.
For further information, please contact:
Phoenix AG,
Public Relations:
Sandra Hülsmann
Tel.: +49 (0)40/7667-2450
Fax: +49 (0)40/7667-2924
Internet: http://www.phoenix-ag.com
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Source: Phoenix AG
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