Tognum, Rolls-Royce and Daimler Make It Official
Engine Holding GmbH, the joint venture between Daimler AG and Rolls-Royce, has acquired a total of 59.87% of the shares of Tognum AG. That total well exceeds the threshold of at least 30% of shares stipulated in the original tender offer. The Supervisory and Management Boards of Tognum AG had fully supported the offer and have tendered their shares.
According to the German law, the offer to Tognum shareholders will be extended for an additional acceptance period of two weeks until June 20, during which shareholders can still tender their shares for a cash price of €26.00 per share (approximately $38 per share).
"With the acceptance of the offer by our shareholders, Tognum, Daimler and Rolls-Royce now embark on a highly promising shared future,” said Volker Heuer, chairman of the executive board and CEO of Tognum AG. “Together with the two companies, we further strengthen our technological leadership in propulsion systems and distributed energy systems and develop our company into a platform for growth."
It was previously announced that Tognum’s worldwide locations would be maintained, including the company's headquarters in Friedrichshafen, Germany, with its research, development and production sites for high-speed propulsion systems and energy systems. The new company will bring interesting perspectives in the marine market as Tognum and Rolls-Royce between them cover a wide spectrum of medium and high-speed diesel engines for complete propulsion systems. In energy applications the companies will also profit of complementary additions to their portfolios. Tognum said it expects the additional benefit of improving its market presence notably in the BRIC states.