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Daimler, Rolls-Royce Offer Approved For Tognum

Posted on April 6, 2011

Daimler AG and Rolls-Royce Group launched a public offer for the majority of Tognum AG through their 50:50 joint venture Engine Holding GmbH. The offer has been approved by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and is available online at in English and German.

The offer price has been set at US$34.3 (€24) per share. Shareholders can accept the offer and tender their shares in Tognum AG, with the acceptance period set to expire on May 18. According to Daimler, the offered price represents a premium of 30% above the XETRA closing price of Tognum AG shares on March 4, the last undisturbed trading day before rumors of an offer emerged.

Under the joint ownership of Daimler and Rolls-Royce, Tognum will be well-positioned as a global provider in the marine, distributed power generation, offshore oil & gas and industrial applications markets, Daimler said. The partners expect to maintain the current manufacturing sites.

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