Talks between Continental talks and Dubai-based MAG group on a possible takeover of a tyre making plant in France have broken down.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The discussions ended by “mutual agreement,” with no common ground having been found, Continental said in a statement.
“The two parties had led intensive discussions but finally agreed that it was not possible to reach common ground for further talks.”
MAG vice president Fawaz Sabri said his group “would continue to examine the matter.”
Continental had given MAG until 30 September 30 to reach agreement on a letter of intent regarding the factory, located in Clairoix, northern France. The German group offered MAG additional time when the MAG response was deemed “incomplete” on 30 September 30, AFP noted.
