MAG Still Plans To Buy Continental Plant

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United Arab Emirates (UAE)-based industrial group MAG still intends to acquire a French plant owned by German tyremaker Continental. MAG is looking to begin due diligence proceedings on the facility in Claroix. Vice-Chairman Fawaz Sabri told Reuters that a letter, sent to Continental on June 10, was intended to 'regulate the relationship until we reach a final agreement.' MAG has given the tyremaker 14 days to respond.