Detroit Diesel Sale to DaimlerChrysler Finalized

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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