Detroit Diesel Sale to DaimlerChrysler Finalized

Published Wednesday, November 01, 2000

DaimlerChrysler AG and Penske Corp said that the sale of Detroit Diesel Corp (DDC) to DaimlerChrysler has been completed. DaimlerChrysler purchased DDC for $700 million, which included a $23-per-share cash tender offer and the assumption of debt. Penske owned 48.6% of the engine manufacturer. Daimler Chrysler will own 97.1% of DDC's common stock. Penske had owned shares in DDC since 1987. ...

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