The supervisory board of the Tognum, the engine manufacturer is now in the hands of Rolls Royce and Daimler. The two company hold the 98.8% of shares of the company, therefore they now have the power to control the motor manufacturer, with the main person in charge, Andreas Renschler, the head of commercial vehicle division of Daimler. Meanwhile other members of the board are John Paterson, Michael Haidinger and Andrew Heath from Rolls Royce and Stefan Buchner, from Daimler.
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Daimler and Rolls Royce bought additional shares with a total of .83% from Tognum, taking over 95% of the company. The joint venture, otherwise called as Engine Holding GmbH, reached the the percentage of shares from Tognum which is really considered a milestone. Other than that, the acquisition of Tognum will make Daimler and Rolls Royce the leading provider of complete systems for industrial engines. This step is expected to give the venture a global position in terms of products, solutions and services.
A lot of people in the automotive industry considered this partnership as being the deal of the century. Tognum’s supposed takeover by German automotive manufacturing giant Daimler AG in partnership with Rolls Royce was derailed by an unexpected message from the fellow German company over the weekend. Daimler shares that the duo is planning to extend almost 24 euro for each share of Tognum’s stocks, an amount that is actually already 30 percent higher than Tognum’s closing price in XETRA on March 4, exactly one day before they publicly announced the planned takeover. Tognum’s response, however, was a surprise for everyone involved in the partnership. Management says that the amount… Continue Reading »
Daimler and Rolls-Royce have partnered to make a joint bid worth 3.2 billion euros to take control of German industrial concern Tognum, in a move that will allow the two partners to become major players in the global industrial engineering industry. “Tognum is an excellent company, and the combination with Daimler and Rolls-Royce creates a win situation for all parties,” said Daimler chairman and Mercedes-Benz Cars head Dr. Dieter Zetsche. “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… Continue Reading »