029 Group SE

Related Party Transaction • Dec 30, 2004

News Details

Ad-hoc | 30 December 2004 11:32

Phoenix AG: Phoenix AG sells Vibracoustic stake to Freudenberg

Ad hoc announcement §15 WpHG Sale Phoenix AG: Phoenix AG sells Vibracoustic stake to Freudenberg Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. —————————————————————————— On December 29, 2004, Phoenix AG sold its stake in the former joint venture Vibracoustic to Freudenberg & Co. KG, Weinheim. Moreover, Freudenberg acquired the commercial vehicle air spring business for OEM/OES clients of Phoenix. Through the sales, a commitment of Continental AG to the European Commission will be accomplished. The European Commission had expressed concerns that Continental combined with Phoenix, would reach a dominant position in certain market segments. Thus, Continental agreed, among other things, to sell Phoenix’s stake in Vibracoustic and Phoenix’s commercial vehicle air spring business (OEM/OES). Phoenix AG Hannoversche Straße 88 21079 Hamburg Deutschland ISIN: DE0006031008 WKN: 603100 Listed: Frankfurt; Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg und München; Freiverkehr in Stuttgart End of ad hoc announcement (c)DGAP 30.12.2004 301132 Dez 04