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Indiaexportnews.com

Continental and MAG cease talks

  06.10.2009    

Continental AG and MAG, the potential investor based in Dubai, have mutually ceased talks on the sale of tire technology in combination with the passenger and light truck tire manufacturing facility in Clairoix, France. No agreement was reached.
The parties held intensive discussions, but finally concluded that it was not possible to reach a common ground on the way to pursue further negotiations. “We would have liked to have become involved in the tire manufacturing business as an extension to our value-chain activities which are strongly focused on the trade sector. Using the knowledge we have at present we shall continue to examine this approach. We specifically thank the French government for its commitment and support while we were deliberating on the matter, and we shall keep France in our minds as a key location for future business plans”, said Dr. Fawaz Sabri Vice Chairman of MAG.
Dr. Bernhard Trilken, responsible for Continental`s global passenger and light truck tire production, adds: “It was not possible to enter into concrete negotiations on the basis of jointly defined framework conditions. The two parties reached the same conclusion and, at that point, agreed to terminate the sales talks.”



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