Daimler AG and Rolls-Royce Holdings plc have obtained the approval of all the relevant regulatory authorities for the acquisition of Tognum AG. This step paves the way for Daimler and Rolls-Royce to conclude the takeover of the Friedrichshafen-based engine and drive system specialist Tognum through their joint venture, Engine Holding GmbH.
The settlement will be completed within the next eight bank working days. This means that the Tognum shareholders who tendered their shares before the extended offer period ended on June 20, 2011 will receive settlement within the next two weeks.
As of August 22, 2011, Engine Holding GmbH had secured approximately 96.78% of the Tognum shares. Tognum shareholders who have not yet accepted the takeover offer can tender their shares for purchase by Engine Holding GmbH at the offer price of €26 until midnight on November 10, 2011.
Through the acquisition of Tognum, Daimler and Rolls-Royce plan to create a leading supplier of complete industrial engine systems. The joint venture company will offer a broad range of products, services, and solutions worldwide.
Source: Daimler AG / Picture: Tognum