Daimler’s Supervisory Board and the Board of Management have agreed plans to spin-off of its Truck and Bus business and begin preparations for a separate listing of Daimler Truck. The transaction and the listing of Daimler Truck on the Frankfurt stock exchange is expected to be complete before year-end 2021.
In addition, it is also Daimler’s intention to rename itself as Mercedes-Benz at the appropriate time. The company says the move is designed to accelerate it into the zero- emissions and software-driven future.
Ola Källenius, Chairman of the Board of Management of Daimler and Mercedes-Benz, says: “This is a historic moment for Daimler. It represents the start of a profound reshaping of the company. Mercedes-Benz Cars & Vans and Daimler Trucks & Buses are different businesses with specific customer groups, technology paths and capital needs. Mercedes-Benz is the world’s most valuable luxury car brand, offering the most desirable cars to discerning customers. Daimler Truck supplies industry leading transportation solutions and services to customers. Both companies operate in industries that are facing major technological and structural changes. Given this context, we believe they will be able to operate most effectively as independent entities, equipped with strong net liquidity and free from the constraints of a conglomerate structure.”
Martin Daum, Member of the Board of Management of Daimler and Chairman of the Board of Management of Daimler Truck, adds: “This is a pivotal moment for Daimler Truck. With independence comes greater opportunity, greater visibility and transparency. We will grow further and continue our leadership in alternative powertrains and automation. We have already defined the future of our business with battery-electric and fuel-cell trucks, as well as strong positions in autonomous driving. With targeted partnerships we will accelerate the development of key technologies to bring best-in-class products to our customers rapidly.”
Manfred Bischoff, Chairman of the Supervisory Board of Daimler, comments: “Mercedes-Benz and Daimler Truck enter this transformation with significant strengths and we are convinced they will emerge even stronger as independent companies, serving their respective customers. With their different return profiles and capital needs, the rationale for two independent entities is evident. We are convinced that the capital markets will appreciate the opportunity to invest in more clearly focused, pure-play businesses. The final decision on the spin-off has to be made by an extra-ordinary shareholder meeting of Daimler, which is planned to take place in Q3 2021.“
Daimler Truck is the world’s largest Truck and Bus producer, with industry leading positions in Europe, North America and Asia, and with more than 35 main locations around the globe.
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