Europe

Rolls-Royce and Daimler, through their 50:50 joint venture, have agreed to take over the German engine manufacturer Tognum in a deal worth €3.4 billion.

The two companies first bid for Tognum in early March, offering €24 per share; however it wasn’t until they raised their offer to €26 per share that they secured the backing of Tognum’s board.

Friedrichshafen, Germany-based Tognum is the world’s second-biggest manufacturer of high-speed diesel engines for the defence, marine and energy sectors.

South Africa’s largest private hospital operator Netcare has announced a rise in first-half profits of 15 per cent, driven by a strong performance in South Africa.

Profits for the six months ending 31 March rose to R666 million, up from R579 million in the same period a year earlier.

The company said that growth in the South African market was able to offset far weaker results in the UK, where the challenging economic environment had a negative impact.

British Airways and the Unite union have finally reached an agreement that will see an end to their long-running dispute.

The dispute, which lasted almost two years and involved 22 days of strike action, originally began because of cabin crew job cuts and a pay freeze.

BA has now agreed to restore travel concessions to staff who went on strike and award a two-year pay deal for cabin crew, worth up to 7.5 per cent. The agreement will be put to a ballot of around 10,000 union members, with Unite strongly recommending them to accept.

Google announced at its Google I/O conference yesterday that its new computer, Chromebook, will go on sale in June in the United States and six European countries.

The first models will be made by manufacturers Samsung and Acer and will be available online from Amazon and Best Buy from June 15 in the US. Chromebooks will be available from leading retailers in the UK, France, Germany, Netherlands, Italy and Spain, with more countries to follow.

Danish wind turbine manufacturer Vestas has signed an agreement for 70 hectares of land at the Port of Sheerness in Kent, UK, on which it hopes to build a facility to manufacture its new purpose-built offshore wind turbine.

Vestas has secured exclusive rights to the land, with the option lasting for approximately one year with the possibility to extend for another 12 months.

Bernie Ecclestone is on his second; and Johnny Depp and the president of the Russian Federation each have one. A yacht built in Turkey by Proteksan Turquoise really is the ultimate aspiration.

Software giant Microsoft has agreed to acquire internet phone service Skype for $8.5 billion, it has been announced.

In a joint statement, the two companies said the acquisition would increase accessibility of real-time video and voice communications, generate significant new business and revenue opportunities, and further extend Skype’s reach.

The move will also enhance Microsoft’s existing portfolio of real-time communications products and services, which currently include Lync, Outlook, Messenger, Hotmail and Xbox LIVE.

UK tobacco group Imperial Tobacco has reported a rise in first-half net profits of 34 per cent on the back of a strong performance in emerging markets.

The company said that net profit for the six months to March 31 was £926 million—up from £689 million the previous year—driven by a particularly strong performance in emerging markets outside of the EU.

California-based business technology specialist Trimble Navigation Limited has announced a public tender offer for Tekla Corporation, a leader in building information modeling technology (BIM) for the construction industry.

Headquartered in Finland, with a US office in Atlanta, Georgia, Tekla has approximately 500 employees and operations in 15 countries worldwide.

Trimble’s offer of €15.00 per share in cash is being handled by its subsidiary Trimble Finland Oy, and values Tekla at approximately €311 million ($451 million).