Daimler and Rolls confirm £2.7bn bid for Tognum

first_img German automotive group Daimler and aerospace engine manufacturer Rolls-Royce said they would bid 3.2bn euros (£2.7bn) for industrial diesel engine maker Tognum.Under the deal, first announced on Monday, stockholders can tender their shares for 24 euros each. Tognum shares have jumped by more than a quarter over the past five days.The agreement is contingent on Daimler and Rolls-Royce gaining control of at least half the equity plus one share.Daimler will contribute its 28.4 per cent stake into a joint venture that will make the offer to Tognum shareholders.“The complementary capabilities we are bringing together will provide us with a world leading proposition and will enable us to expand the business by developing a broader portfolio of integrated power systems and services for existing and new customers,” said Rolls-Royce chief executive John Rose in a statement on Wednesday.The companies intend to maintain the current manufacturing sites and are confident that the growth strategy will secure jobs, it added.As part of the deal, Rolls-Royce plans to contribute its Bergen gas and diesel medium-speed engine business used in the marine propulsion and auxiliary power markets. Tags: NULL Wednesday 9 March 2011 3:09 am Share John Dunne whatsapp whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Daimler and Rolls confirm £2.7bn bid for Tognum Show Comments ▼last_img

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