Germany-based ContiTech and US-based Veyance are still expecting to close their merger by this year’s fourth quarter, despite antitrust probes that are ongoing in both jurisdictions to review the $1.91 billion rubber merger.
ContiTech first announced plans to acquire its US competitor in February. Since, some jurisdictions have reportedly opened a second phase of merger reviews. Still, a spokesperson for ContiTech said that a lengthy review was expected by both parties due to the size of the transaction.
ContiTech said the company recently submitted documents for examination to all necessary authorities. Both Germany and the US continue to probe the buyout.
Following the deal, ContiTech is expected to take a top spot in North America’s rubber conveyor belting and hose production.
Full content: Tire Business
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