Rolls-Royce, Daimler report success in Tognum bid

6th Jun 2011 07:59

Rolls-Royce has announced that its public takeover offer - with car manufacturer Daimler - for German engineer Tognum has been successful, following the expiry of the acceptance period.The joint venture partners now hold a total of 59.87% of Tognum shares and are said to be "pleased with this convincing result.""It represents a milestone in the takeover process of Tognum AG and lays a strong foundation for the future co-operation of the three companies," Rolls-Royce said.To meet German law obligations, an additional acceptance period of two weeks has been granted after the 30% threshold required for the takeover offer was exceeded.The joint venture takeover is expected to "establish a leading industrial engine systems and solutions company, offering a broad portfolio of products, services and integrated solutions on a worldwide basis."---BC