June 12, 1997 in Nation/World

Stuttgart, Germany Regulators Approve Daimler-Benz Deal

Compiled From Wire Services
 

Daimler-Benz AG said Wednesday it received the go-ahead from U.S. and Canadian regulatory officials to purchase Ford Motor Co.’s heavy truck business through its U.S. subsidiary, Freightliner Corp. of Portland, Ore.

According to officials at the German company, the acquisition would raise Daimler sales by more than $1 billion. Terms were not disclosed.

Daimler chief executive Juergen Schrempp said the takeover will expand the company’s international share in the heavy-truck business, and strengthen its leading position in North America.

Freightliner is the leading heavy-truck producer in North America, controlling nearly 30 percent of the market.

The sale covers Ford’s heavy-duty truck business in the United States, Canada, Mexico and Australia. With the acquisition, Freightliner broadens its heavy-truck production to include fire and construction trucks.


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