Tognum Snubs $4.6B Offer by Daimler, Rolls-Royce

German diesel engine maker Tognum said a 3.2 billion euro ($4.6 billion) offer by Daimler and Rolls-Royce was too low, and it would not recommend it to shareholders, Reuters reported. The 24 euro-per-share offer was less that the current trading price of Tognum stock. Daimler once owned all of Tognum but sold it to Swedish private equity group EQT for 1.6 billion euros in December 2005. It then bought back more than 20% in April 2008, Reuters wrote.

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