9 Dec 2005
Hamburg, Germany -- The regional court in Hamburg has affirmed the takeover of Phoenix AG by Continental AG, by dismissing a total of 26 actions that aimed to reverse the resolutions of the Phoenix AG extraordinary shareholders' meeting of December 28, 2004.
The decision of the regional court in Hamburg is is only an initial ruling. A definitive approval and enactment of the merger is expected to take place in the first few months of 2006.
"We welcome this decision in the interest of Phoenix, its employees and its customers," declared Gerhard Lerch, chairman of the Executive Board of ContiTech AG and likewise member of the Management Board of Phoenix AG.
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