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Investors reject Daimler-Rolls-Royce Tognum offer

Tognum investors have rejected a bid from Daimler and Rolls-Royce.

08 April 2011

A bid for engine specialist Tognum by Daimler and Rolls-Royce has been rejected by shareholders.

The investors, who represent a fifth of the company's shares, have sent correspondence to Tognum bosses stating that the €24 (£21) per share offer is too low, the Financial Times recently reported.

It went on to state that an additional 10 per cent of Tognum's shareholders have also expressed concerns, citing people close to the situation.

The publication explained that the engine manufacturer's share price has "hovered consistently" above the price of the offer, leading analysts to predict business negotiations may see higher bid offered.

Commenting on its bid earlier in the week, Daimler claimed that the acquisition would provide significant "strengthening" to the competitiveness of Tognum.

"Under the joint ownership of Daimler and Rolls-Royce, Tognum will be well-positioned as a global leader in the marine, distributed power generation, offshore oil & gas and Industrial applications markets," said the company.

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