Germany's Continental AG closes Veyance deal

viernes 30 de enero de 2015 12:05 GYT
 

FRANKFURT Jan 30 (Reuters) - German automotive supplier Continental AG said it concluded the acquisition of U.S. rubber company Veyance Technologies on Friday after receiving the conditional approval of Brazil's anti-trust regulator.

Continental agreed to the 1.4 billion euro ($1.58 billion) deal almost a year ago to diversify its business.

To win approval from authority CADE in Brazil, the last outstanding regulatory hurdle for the deal, Continental said it agreed to sell Veyance's current steel-cord belting business in the South American country.

($1 = 0.8850 euros) (Reporting by Maria Sheahan)