7 Jun 2011

Rolls-Royce and Daimler take control of engineering group

7:58 am on 7 June 2011

Rolls-Royce and Daimler have taken control of Tognum, a German engineering group.

The offer, which values the company at 3.4 billion euros ($US5 billion), has been accepted by 60% of shareholders.

The BBC reports the joint venture now controls almost 60% of the engine and turbine maker.

Last month, Tognum rejected an earlier bid of 3.2 billion euros.

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

Tognum is listed on the Frankfurt Stock Exchange.