FRANKFURT: German automaker Daimler and Rolls-Royce unveiled Wednesday a new joint venture created to take over Tognum, a German manufacturer of motors and turbines.
Daimler and Rolls-Royce "intend to launch a public tender offer for 100 per cent of the share capital of Tognum," a statement said, adding that they would offer 24 euros ($33.36) per share. That put the total value of the offer at "approximately 3.2 billion euros," the statement added.
"The public tender offer is intended to be carried out by a 50:50 joint venture company," it said. Tognum is based in Friedrichshafen, 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 which it will tender to the offer. Its goal is to create along with Rolls-Royce "a leading global player in the industrial engines market."
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