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Germany: US okay with Continental purchase

 |  December 14, 2014

US authorities have given clearance to Germany’s Continental AG to acquire US-based rubber and plastics firm Veyance Technologies, say reports.

The German company announced the approval Friday. It plans to purchase the assets from their current owner Carlyle Group for about $1.73 billion.

The Department of Justice similarly announced its approval, though imposed conditions on the deal. Among those conditions, reports say, is the agreement that Veyance divest its air sprint plant, based in Mexico, to quell competition concerns.

The German company first announced in February that it had planned to acquire Veyance to boost its industrial hose and belting production. The assets will be merged into Continental’s Contitech division, according to reports.

Full content: Reuters

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