Daimler Management, Board Approve Truck Spinoff
July 30 2021 - 10:46AM
Dow Jones News
By Kim Richters
Daimler AG said Friday that its management and supervisory
boards have signed off on realigning the car maker by creating the
two independent companies called Mercedes-Benz Cars and Daimler
Truck.
According to the plan first announced in February, Daimler will
spin off its commercial-vehicles business by the end of the year to
shareholders who will receive one additional Daimler Truck Holding
AG share for every two shares held. Shareholders will hold 65% in
the new holding, that would then be listed on the stock exchange in
Frankfurt as an independent company.
Daimler said it would keep a minority stake of 35% in the
separated commercial-vehicles business, including a 5% stake that
would be transferred to the Daimler Pension Trust.
The remaining company Daimler AG would then be named
Mercedes-Benz Group AG as of Feb. 1 next year, said the
company.
Shareholders will decide on Daimler's plans at an extraordinary
general meeting on Oct. 1.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
July 30, 2021 10:40 ET (14:40 GMT)
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