Continental reports Phoenix AG acquisition progress

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Continental AG has procured more than 50% interest in Phoenix AG, a key step in an acquisition that Continental officials say will aid the development of the Hanover, German-based tiremaker's ContiTech unit.

Phoenix stockholders have until June 28 to accept Continental's offer to purchase shares at 15 euros each.

Continental AG's ContiTech division achieved sales of 1.8 billion euros in 2003.

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