Daimler AG and Rolls-Royce Group plc today announced their decision in accordance with Section 10 of the German Securities Acquisition and Takeover Act (WpÜG) to make a joint offer to acquire the entire share capital of Tognum AG. The Management Board will review the offer and in due course issue a statement to Tognum’s shareholders in accordance with Section 27 of the German Securities Acquisition and Takeover Act (WpÜG).
An agreement in principle was entered into with Daimler und Rolls-Royce in which certain intentions are documented. Among other things, Daimler and Rolls-Royce declared their intention to maintain Tognum AG’s technology leadership through expenditure on research and development and investments in property, plant and equipment. Furthermore, it is intended that Friedrichshafen would remain the headquarters of the company as well as the research, development and production site for propulsion systems and energy systems. The new parent company would also be domiciled in Friedrichshafen. There would be no job cuts planned and the Südwestmetall framework collective wage agreement would continue to apply. Further, it is envisaged that Rolls-Royce would take over Tognum’s fuel cell business, which the company had already decided to discontinue.
As yet, no agreement regarding the offer price was achieved.
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