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Continental buys majority stake in Turkish firm

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The Turkish government has given Continental AG permission to acquire 89.6% of Oltas SpA, Continental's exclusive tire distributor in Turkey.

Oltas distributes both passenger and commercial tires for Continental.

The acquisition "will improve our market position for commercial vehicle and passenger car tires in Turkey and in Eastern Europe," says Alan Hippe, the executive board member responsible for Continental's Passenger Car Tire division.

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