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Daimler and Rolls Royce joint
venture secures 95 percent of Tognum's shares
Stuttgart/London – Daimler AG and
Rolls-Royce Group plc have acquired additional shares in Tognum
AG equivalent to 0.83 percent of its equity. Upon completion of
the public tender offer, the two companies will have acquired at
least 95 percent of Tognum’s shares through their joint venture,
Engine Holding GmbH. Reaching the 95-percent threshold
represents another milestone for Daimler and Rolls-Royce in
their takeover of Tognum.
When the 95-percent threshold is
reached, German takeover law allows for an additional offer
period for the Tognum shareholders who have not yet accepted the
public tender offer. They can now tender their shares for
purchase by Engine Holding GmbH at the offer price of 26 euros
until midnight on November 10, 2011. Shareholders who would like
to accept the offer should contact their custodian banks.
The public tender offer will be
concluded when all relevant regulatory approvals have been
issued. Clearance has already been received from the European
Commission and eight other authorities. The takeover still has
to be approved by the US foreign trade authorities and the
Chinese antitrust authorities. Those approvals are expected to
be issued in the third quarter of 2011.
With the acquisition of Tognum,
Daimler and Rolls-Royce plan to create a leading supplier of
complete systems in the field of industrial engines. The joint
venture will have the advantage of a broad, global spread in
terms of products, services and solutions. |
