Tognum bid edges closer

City A.M. Reporter
DAIMLER and Rolls-Royce are on track to win control of Tognum as some shareholders buckled yesterday and followed the engine maker’s management with a pledge to tender their shares.

Some large investors buried the hatchet and called the improved offer – which was raised to €26 (£22.7) from €24 a share -- “fair” after earlier having asked for around €30 a share.

The increased offer values Tognum at €3.4bn.