Mercedes 1998 Annual Report Download - page 115
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
111
In 1997, convertible bonds issued in connection with the 1997
Stock Option Plan were not included in the computation of
diluted earnings per share because the options‘ underlying
target stock price was greater than the market price for
DaimlerChrysler Ordinary Shares on December 31, 1997. For
the same reason, convertible bonds issued in connection with
the 1998 Stock Option Plan were not included in the
computation at December 31, 1998.
Unexercised employee stock options to purchase 0.2 million
and 0.1 million shares of DaimlerChrysler Ordinary Shares as
of December 31, 1997 and 1996, respectively, were not
included in the computations of diluted earnings per share
because the options’ exercise prices were greater than the
average market price of DaimlerChrysler Ordinary Shares
during the respective periods.
32. SUBSEQUENT EVENTS
In January 1999, DaimlerChrysler agreed to acquire ABB‘s
50% interest in Adtranz (see Note 3). The transaction is
expected to be completed in the second quarter of 1999.
Consummation of the merger is subject to various conditions,
including among others, approval of certain governmental
authorities.
DaimlerChrysler plans to institute a SAR plan for Daimler–
Chrysler employees currently holding options under the 1997
and 1998 plans and offer each employee the opportunity to
substitute an SAR in exchange for each option currently held.
All terms and conditions will be identical to the stock options
which are being replaced, except that the holder of the SAR
will have the right to receive cash equal to the difference
between the option exercise price and the stock price at the
date of exercise. See also Note 21.