Penske Corp. today announced the completion of the sale of its 48.6% ownership in Detroit Diesel Corp. to DaimlerChrysler, Freightliner's parent company.

The sale was completed in connection with DaimlerChrysler's $700 million acquisition of DDC, which included a $23 per share cash tender offer as well as assumption of debt.
The European Commission today approved the German-based DaimlerChrysler's acquisition of the U.S.-based Detroit Diesel, saying their resulting combined share of the European market posed no competition problems.
"Over the past 12 years, we have been proud to partner with DDC's shareholders, employees, customers and suppliers in re-establishing DDC as an industry leader in the manufacture of heavy duty and automotive diesel engines," said Roger Penske, Chairman and CEO of Penske. "Our ownership of DDC has been a tremendous complement to our transportation businesses, and on a personal level very rewarding. We are committed to assuring a smooth transition of ownership to DaimlerChrysler.'
Penske Corp. is a closely-held, diversified transportation services company whose operations include Penske Truck Leasing Corp., UnitedAutomotive Group, Penske Automotive Group, Penske Auto Centers., Penske Transportation Components and Penske Capital Partners.