The German cartel office has cleared Continental A.G.’s acquisition of Veyance Technologies Inc. The office said that “despite Continental’s high market share and a reduction in the number of suppliers down to three from four, the Federal Cartel Authority sees no reason why competition will be significantly impaired.”
In May the cartel office launched an in-depth assessment of Continental’s planned takeover of U.S. rubber firm Veyance Technologies. The probe evaluated the potential market impact of the deal, a spokesman for the cartel office said. Continental had reached an agreement with the Carlyle Group in February to purchase Veyance for about $1.91 billion.