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Daimler, Rolls Royce increase stake in Tognum

ABR Staff Writer Published 12 August 2011

German automotive giant Daimler and UK engine manufacturer Rolls-Royce Group have acquired 0.83% additional stake in German engine maker Tognum increasing the joint venture's stake to 95%.

As per the German takeover law, an additional offer period is available for the Tognum shareholders who have not yet accepted the public tender offer until midnight on 10 November 2011, at the offer price of EUR26 ($37).

With the acquisition of Tognum, both the companies aim to boost their presence in the market for industrial engines.

The companies have revealed that the joint venture will have the advantage of a broad, global spread in terms of products, services and software.

Clearance has already been received from the European Commission and eight other authorities, and the takeover is expected to be approved by the US foreign trade authorities and the Chinese antitrust authorities by the third quarter of 2011.

The original offer price of EUR24 per Tognum share was increased to EUR26/share in May.