Daimler, Rolls win control of Tognum

6th June 2011, Comments 0 comments

German auto group Daimler and Britain's Rolls-Royce said Monday they had succeeded in a takeover of motor and turbine maker Tognum, having acquired 59.87 percent of its shares.

The takeover by Daimler and Rolls-Royce will create a global leader in the "off-highway" sector of marine, energy, defence and industrial applications.

Daimler and Rolls-Royce last month improved their initial offer to 26 euros per Tognum share and won the backing of Tognum management.

The offer runs until June 20.

Daimler already owned 28.4 percent of Tognum, which employs some 8,700 people around the world, and has a long history with the company.

Having owned it for nearly 50 years, Daimler sold Tognum in 2005 to the EQT investment fund for 1.6 billion euros ($2.3 billion), only to later buy back around 22 percent in April 2008 for 585 million euros.

© 2011 AFP

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