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Daimler and Rolls-Royce secure 94 of Tognum
Daimler and Rolls-Royce have secured 94 per cent of shares in Tognum after raising their offer for the diesel engine maker last month.
Daimler said it expects cash settlement of the deal in the third quarter, after it has received regulatory approval.
With their offer for Tognum, which makes military and ship engines, Daimler and Rolls-Royce hope to tap into a global growth market worth more than $40BN a year that offers better margins than the autos sector.
The deal will allow Daimler, which owned Tognum until selling the unit in 2005, to tighten its grip on a major buyer of its truck diesel engines, which are retooled by Tognum for specialised uses.