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Business negotiation news: Togum taken over by joint venture

The firm has had a 60 per cent share of its business bought by Daimler AG and Rolls-Royce.

06 June 2011

Merger and acquisition advisors will have been required after joint venture between Daimler AG and Rolls-Royce saw them secure a majority share of engine maker Togum.

As a result of the deal, the two organisations now have nearly 60 per cent of the company's shares.

Volker Heuer, chairman of the executive board and chief executive officer of Tognum, said he is looking forward to a "shared future" after the deal was completed.

"Together with the two companies, we further strengthen our technological leadership in propulsion systems and distributed energy systems and develop our company into a platform for growth," he added.

With the business negotiations now complete, it has been revealed that Tognum's worldwide locations are going to be retained.

The firm - which will keep the German town of Friedrichshafen as its headquarters - recently received an order from Brazilian oil and gas producer Petrobras for 16 generator sets for eight vessels.

Posted by Ron Maverick

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