Heuer to Take Helm at MTU
Dr. Rolf A. Hanssen, after more than 10 years as CEO of MTU and Head of the DaimlerChrysler Off-Highway Business Unit, will terminate his contract as planned with effect from December 31, 2004. The Board of Management of DaimlerChrysler AG and the Supervisory Board of MTU Friedrichshafen GmbH have selected Volker Heuer, who is currently still Presidente de los Centros Industriales of Mercedes-Benz Espana S. A., to take over as the CEO of MTU Friedrichshafen GmbH and Head of the DaimlerChrysler Off-Highway Business Unit, effective August 1, 2004
Detroit Diesel Merges With DaimlerChrysler
Detroit Diesel Corp. has signed a definitive merger agreement with a subsidiary of DaimlerChrysler AG. The agreement calls for DaimlerChrysler, a shareholder of DDC since 1993 that currently owns 21.3 percent of the outstanding common shares of DDC, will commence a cash tender offer for the remaining 78.7 percent of DDC at a price of $23 per common share - for a total transaction value of $423 million. Penske Corp., which owns 48.6 percent of the outstanding common shares of DDC, has committed to tender its shares to DaimlerChrysler.