DaimlerChrysler Extends Detroit Diesel Offer; Aims For 98% Stake

By BridgeNews DaimlerChrysler AG announced on Sept. 26 that from that day until Oct. 9 it will extend its cash offer of US$23 per share or around $423 million for its 78.7% unowned stake in Detroit Diesel Corp., a Detroit-based unit of Penske Corp. Under U.S. law the waiting period ran out Sept. 25, but the company has opted to extend the offer to Oct. 9 under European regulatory authority. DaimlerChrysler said it has received acceptances equivalent to 22,787,944 ordinary shares, which would increase DaimlerChrysler's stake in Detroit Diesel to a total of 98%.

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