Continental, MAG Drop Talks on French Plant

Continental had given MAG until September 30 to reach agreement on a letter of intent regarding the factory, located in Clairoix, northern France.

Auto parts maker Continental on Oct. 5 announced a breakdown in talks with the Dubai-based MAG group on the possible takeover by MAG of a tire making plant in France.

The discussions ended by "mutual agreement," with no common ground having been found, Continental said. "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 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 September 30.

Copyright Agence France-Presse, 2009

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