Tognum, Germany, owner of diesel engine manufacturer MTU, has rejected a takeover attempt by Engine Holding, a consortium of Daimler and Rolls Royce. The company says that while it welcomes a takeover that will further enhance its propulsion and energy systems business, it does not consider the offer price of €24 per share to be appropriate. The Board of Management and Supervisory Board has recommended that shareholders turn down the offer. "In our opinion the offer price notably fails to reflect the capital expenditure carried out in recent years and the growth prospects for Tognum Group," the company said in a press statement. "As key operating segments respond with a time lag to the global financial crisis, the Board of Management and the Supervisory Board also consider the long-term prospects to be inadequately reflected."
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