Business

Rolls-Royce and Daimler take control of Tognum

Mercedes car
Image caption Tognum already supplies engines to Mercedes-Benz owner Daimler

UK engine maker Rolls-Royce and German automotive giant Daimler have taken control of German engineering group Tognum after their latest offer was accepted by a majority of shareholders.

The offer, which values the company at 3.4bn euros ($5bn; £3bn), was accepted by 60% of shareholders.

The joint venture now controls almost 60% of Tognum.

Last month, the engine and turbine maker rejected the joint venture's bid of 3.2bn euros made earlier this year.

Daimler, which owns luxury carmaker Mercedes Benz, already owns a 28% stake in Tognum.

"Daimler and Rolls-Royce are very pleased with this convincing result," Daimler said in a statement.

"It represents a milestone in the takeover process of Tognum and lays a strong foundation for the future co-operation of the three companies."

Tognum is listed on the Frankfurt Stock Exchange.

Related Internet links

The BBC is not responsible for the content of external Internet sites