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.