EU clears Conti's purchase of Temic

HANOVER, Germany (June 13)—European Union cartel authorities have raised no objections to Continental A.G.'s purchase of majority control of chassis systems suppliers Temic GmbH from DaimlerChrysler A.G., clearing the way for the transaction to close. Conti is paying $340 million for a 60-percent share of Temic, a Nuremberg, Germany-based maker of chassis-related electronics components. Conti has an option to purchase the remaining 40 percent, at a price of between $192 million and $201 million depending on when the option is exercised, Conti said.