German automaker Daimler and Britain’s Rolls-Royce yesterday announced plans to take over Tognum, a German manufacturer of motors and turbines they want to make into a world leader.
Daimler and Rolls-Royce “intend to launch a public tender offer for 100 percent of the share capital of Tognum,” a statement said, adding that they would offer 24 euros (US$33.36) per share.
That price valued the company, which would operate in dynamic emerging market economies, at “approximately 3.2 billion euros,” the statement said.
It is expected “to become a world leading engine systems company” in what is known as the “off-highway” sector of marine, energy, defense and industrial applications.
The public tender offer for Tognum would be made by a 50:50 joint venture company, the statement said.
Tognum is based in Friedrichshafen in southern Germany and is a major supplier of engines to Daimler, the world’s biggest heavy truck maker.
Daimler already owns 28 percent of the company.
Daimler and Rolls-Royce want to put Tognum in a strong position to offer a wider range of products, systems and services, they said.
At present, Tognum also builds motors for armored vehicles and boats and posted sales of 2.5 billion euros in 2009, a level it expected to reach again last year.
Rolls-Royce is to bring its Bergen gas and diesel engine business to the deal along with its “world leading capability in integrated power systems and services,” the statement said.
It will also contribute “a well established market presence in the marine, energy and defense sectors.”
Daimler, meanwhile, is well-positioned in engine technology and manufacturing expertise and also offers “exceptional access to global markets.
“It is an exciting proposition for Daimler to partner with Rolls-Royce to further invest in the Tognum business,” Daimler chairman Dieter Zetsche said in the statement.
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