Daimler, Rolls Launch Offer for Tognum

Following the announcement made at the beginning of March regarding the bid to take over the German industrial concern Tognum, Daimler and Rolls-Royce made public today their offer for the takeover.

Already approved by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), the offer made by the joint venture between the two companies calls for EUR24 to be offered for each tendered share in Tognum (30 percent above the XETRA closing price of Tognum shares on Friday March 4, the date before the takeover announcement was made).

Shareholders have until May 18, 2011, to express their decision. If approved, the takeover will transform Tognum into one of the most important players in its industry. Currently, the company specializes in engines, propulsion systems and components for marine, energy and defense, and other industrial applications.

After and if the deal is approved, Tognum will become the second largest supplier of diesel engines for marine applications in the world. It will also be allowed to use the Bergen brand name from Rolls Royce.

“Tognum is an excellent company, and the combination with Daimler and Rolls-Royce creates a win situation for all parties,”
said Dieter Zetsche, Daimler chairman of the board, when the move was announced.

“The planned combination will provide a strong platform to realize the huge market potential. It is an exciting proposition for Daimler to partner with Rolls-Royce to further invest in the Tognum business to create growth for the company and create additional value for our shareholders as well as for the customers and employees of Tognum.” 
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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