Detroit Diesel Sale to DaimlerChrysler Finalized
Nov 1, 2000 12:00 PM, TRAILER/BODY BUILDERS STAFF
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.
