Daimler to keep 35% stake in trucks division as spin off nears

by SpeedLux
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Daimler will keep a 35% stake in the trucks division it prepares to spin off this year, the automaker said on Friday, providing more information on a landmark corporate split it hopes will increase share values.

The spinoff of Daimler Truck Holding AG as a differently listed entity was first announced in February. It is set to be voted on by Daimler shareholders at an extraordinary general meeting on October 1.

They will get one share in the trucks division for every two Daimler shares they own.

The automaker in turn will be renamed Mercedes-Benz Group AG to reflect its focus on the vehicle business including the Mercedes-Benz brand, and efforts to challenge rivals in the market for electric premium cars.

“Daimler’s realignment makes one success story into two,” said Daimler CEO Ola Kallenius.

“With this courageous step into a new future, we are creating added value with two pure-play companies for our customers, workers, shareholders, and partners.”

The automaker will provide Daimler Truck Holding AG with net liquidity of 5 billion euros ($5.9 billion) until the end of 2021, when the truckmaker’s shares are expected to start trading so that it can gain an investment-grade rating.

Of the 35% Daimler preparations to retain in the division, which is the largest truck and bus maker globally and will be a contender for Germany’s blue-chip DAX index, 5% will be shifted to the automaker’s pension fund.

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