Daimler And Rolls-Royce Are Allowed To Take Over Tognum

2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36

Nothing stands in the way of the takeover of the engine manufacturer Tognum by Daimler and Rolls-Royce. The competition authorities gave both sides the green light.

Daimler and Rolls-Royce have received the green light from the competition authorities for the joint takeover of the engine manufacturer Tognum. The car manufacturer announced this on Friday in Stuttgart. Nothing stands in the way of the joint venture and Tognum AG's departure from the stock exchange is only a matter of form. The holding company founded for the takeover now holds almost 97 percent of Tognum's shares, writes Daimler. Accordingly, only a good three percent are still on the stock exchange.

Tognum shareholders can win 26 euros per share

The shareholders, who have not yet tendered their papers to Daimler and the British engine manufacturer, can do so until midnight on November 10th. There are € 26 per share. The payout is processed by the respective custodian banks. Tognum shareholders who had tendered their shares by June 20 should receive their money within the next 14 days. By reaching the 95 percent hurdle, Daimler and Rolls-Royce had been given the right to squeeze out the remaining shareholders in return for a severance payment and finally to take Tognum off the stock exchange entirely.

The new owners want to develop the Friedrichshafen-based company - which manufactures engines for yachts, tanks and locomotives, as well as power generation systems and emergency power generators - into a global market leader for industrial engines. (dpa)