Daimler buys major stake in Tognum
By IBI Magazine
Tognum, the holding company for the brands within Germany's MTU Group, has revealed that Swedish private equity group EQT has sold its remaining 22 per cent stake in the company to Daimler AG.
EQT purchased the German engine specialist, which was then known as MTU Friedrichshafen, from DaimlerChrysler back in 2006 for an estimated €1.8 billion and renamed it Tognum. In July 2007, the company floated on the Frankfurt stock exchange in what was described as the largest initial public offering in Germany since the sale of Deutsche Post in 2000.
Daimler's Supervisory Board today approved the share acquisition. The German carmaker will also take an additional 1 per cent holding in Tognum and will seek a 25 per cent blocking minority. The entire transaction is subject to the approval of antitrust and other authorities.
"Less than one year after the initial public offering, the previously open question of what would happen to EQT's remaining stake has been successfully resolved," says Tognum CEO Volker Heuer. "With Daimler as a strategic anchor investor, the independence of the company that was achieved through the IPO has now been secured long term in the interests of our customers and shareholders."
With its MTU, Detroit Diesel, Katolight, MDE, CFC Solutions, L'Orange, Rotorion and SKL brands, Tognum is one of the world's leading suppliers of diesel engines and complete drive systems for ships, heavy land and rail vehicles, industrial applications and decentralised power generation plants. In 2007, the company generated sales in excess of €2.8 billion and now employs around 8,200 personnel worldwide.
(30 April 2008)
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