DAIMLERCHRYSLER
Press Information
October 13, 2000
CONTACT:
DAIMLERCHRYSLER AG
Othmar M. Stein Tel: +49 711 17 95160
DETROIT DIESEL
Daniel J. McEnroe Tel: +1 313 592 7344
DAIMLERCHRYSLER COMPLETES ACQUISITION OF DETROIT DIESEL
STUTTGART/AUBURN HILLS --DaimlerChrysler (NYSE:DCX) announced today that it
completed its acquisition of Detroit Diesel Corporation by merging its
acquisition subsidiary into Detroit Diesel. As a result of the merger,
which became effective today, each outstanding share of Detroit Diesel
common stock not owned by DaimlerChrysler was converted into the right to
receive $23.00 in cash, without interest. Detroit Diesel stock ceased to be
traded on the New York Stock Exchange as of the close of business on
Thursday, October 12, 2000.
Detroit Diesel stockholders who hold their stock certificates will receive
notice in the mail regarding the process to surrender their shares for
cash. Detroit Diesel stockholders whose shares are held through banks or
brokers will receive information about their holdings from those
institutions.
Detroit Diesel Corporation, incorporated in 1987, is an international
leader in diesel engines for on- and off-highway applications. The company
offers engines from 22 to 11,000 horsepower for the on-highway, off-road
(including power generation) and automotive markets through a worldwide
network of more than 2,700 authorized distributor and dealer locations. It
designs, manufactures, markets, services and provides after market and
remanufactured diesel and alternative fuel engines.
DaimlerChrysler AG is the world's leading manufacturer of commercial
vehicles with the brands Mercedes-Benz, Freightliner, Sterling, Setra and
Thomas Built Buses.
Investors and security holders are strongly advised to read both the tender
offer statement and the solicitation/recommendation statement regarding the
tender offer referred to in this press release, because they contain
important information. The tender offer statement has been filed by
DaimlerChrysler with the Securities and Exchange Commission (SEC), and the
solicitation/recommendation statement has been filed by Detroit Diesel with
the SEC. Investors and security holders may obtain a free copy of these
statements at the SEC's website at www.sec.gov. The tender offer statement
and related materials may be obtained for free by directing such requests
to DaimlerChrysler North America Holding Company. The
solicitation/recommendation statement and such other documents may be
obtained by directing such requests to Detroit Diesel Corporation.
