German automaker Daimler and Britain’s Rolls-Royce launched yesterday a plan to take over Tognum, a German maker of motors and turbines, that values Tognum at 3.2 billion euros (US$4.6 billion).
Daimler and Rolls-Royce said the offer of 24 euros per share would run until May 18. On Tuesday, Tognum shares closed at 25.57 euros.
The two groups had already said they would create a 50:50 joint venture called Engine Holding to make the bid and work to make the new entity “a world leading engine systems company.”
The venture is to focus on the “off-highway” sector of marine, energy, defense and industrial applications.
Tognum is based in Friedrichshafen, Germany, and its headquarters would remain there with no reduction in jobs.
Daimler already owns 28.4 percent of Tognum and together with Rolls-Royce wants to put it in a position to offer a wider range of products, systems and services, they said early last month.
Separately, Daimler AG’s Mercedes-Benz is undertaking a global recall of some of its older-model M-Class sport utility vehicles for issues related to cruise control that may lead to a crash, Daimler and US federal safety regulators said on Tuesday.
A wide majority of the vehicles being recalled are model year 2000-2002 M-Class SUVs, but there are a small number of 2000-2004 AMG performance vehicles also involved.
Some 136,751 vehicles will be recalled in the US and about 50,000 in Germany, Mercedes-Benz representatives in those two countries said.
Real estate agent and property developer JSL Construction & Development Co (愛山林) led the average compensation rankings among companies listed on the Taiwan Stock Exchange (TWSE) last year, while contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) finished 14th. JSL Construction paid its employees total average compensation of NT$4.78 million (US$159,701), down 13.5 percent from a year earlier, but still ahead of the most profitable listed tech giants, including TSMC, TWSE data showed. Last year, the average compensation (which includes salary, overtime, bonuses and allowances) paid by TSMC rose 21.6 percent to reach about NT$3.33 million, lifting its ranking by 10 notches
SEASONAL WEAKNESS: The combined revenue of the top 10 foundries fell 5.4%, but rush orders and China’s subsidies partially offset slowing demand Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) further solidified its dominance in the global wafer foundry business in the first quarter of this year, remaining far ahead of its closest rival, Samsung Electronics Co, TrendForce Corp (集邦科技) said yesterday. TSMC posted US$25.52 billion in sales in the January-to-March period, down 5 percent from the previous quarter, but its market share rose from 67.1 percent the previous quarter to 67.6 percent, TrendForce said in a report. While smartphone-related wafer shipments declined in the first quarter due to seasonal factors, solid demand for artificial intelligence (AI) and high-performance computing (HPC) devices and urgent TV-related orders
Prices of gasoline and diesel products at domestic fuel stations are this week to rise NT$0.2 and NT$0.3 per liter respectively, after international crude oil prices increased last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week snapped a two-week losing streak as the geopolitical situation between Russia and Ukraine turned increasingly tense, CPC said in a statement. News that some oil production facilities in Alberta, Canada, were shut down due to wildfires and that US-Iran nuclear talks made no progress also helped push oil prices to a significant weekly gain, Formosa said
MINERAL DIPLOMACY: The Chinese commerce ministry said it approved applications for the export of rare earths in a move that could help ease US-China trade tensions Chinese Vice Premier He Lifeng (何立峰) is today to meet a US delegation for talks in the UK, Beijing announced on Saturday amid a fragile truce in the trade dispute between the two powers. He is to visit the UK from yesterday to Friday at the invitation of the British government, the Chinese Ministry of Foreign Affairs said in a statement. He and US representatives are to cochair the first meeting of the US-China economic and trade consultation mechanism, it said. US President Donald Trump on Friday announced that a new round of trade talks with China would start in London beginning today,
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