6/22/2023 0 Comments Daimlerchrysler agIn the truck sector, Daimler faces rivals, such as Volkswagen’s Traton and Paccar Inc PCAR. The spin-off will increase Daimler's appeal as an electric, luxury car business, as the Mercedes-Benz marquee continues to compete with big names like Tesla TSLA, Porsche, BMW AG BAMXF among others.ĭaimler Truck provides industry-leading transportation solutions and services to customers. Mercedes-Benz is one of the world’s most valuable luxury car brand, offering the most desirable cars to customers. The spin-off will witness the establishment of two unprecedented leaders, who will operate most effectively independently to master the transformation of their respective industries. With this realignment into pure-play entities, the company aspires to create value for all stakeholders, bolster its profitability and fully exploit its true potential. This historic move will witness Daimler splitting into two strong and independent companies with specific customer groups, technology paths and capital needs. Once the spin-off is completed, the car-making division will retain a 35% stake in Daimler Truck, but will transfer a 5% holding to the Daimler pension trust. This means shareholders will hold shares of the global marketleader in the commercial vehicle business, along with their shares in Daimler. The existing Daimler shareholders will receive one Daimler Truck share for every two Daimler shares they own. Post Daimler’s split, shareholders will hold a 65% stake in the new Daimler Truck Holding AG, which will be listed on the stock exchange as an independent company. The renaming of Daimler to Mercedes-Benz Group AG highlights the company’s decision to kindle its long-term focus on the car and van business with the brands Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach and Mercedes-EQ. The voting also secured shareholders' green signal for renaming Stuttgart-based Daimler as Mercedes-Benz Group AG effective Feb 1, 2022. The approval will see Daimler float its truck division on the Frankfurt stock exchange by the end of 2021. Daimler AG DDAIF is on track for a historic restructuring of the company with the planned spin-off of its truck arm being approved by its shareholders on an online shareholder meeting.
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