Daimler has initiated a fundamental change in its corporate structure. The Group’s Board of Management and Supervisory Board have decided to evaluate a spin-off of the Trucks & Buses business and start preparing for a separate flotation of Daimler Truck. Current plans entail completing the transformation by the end of 2021 and transferring majority ownership of Daimler Truck to Daimler’s current shareholders. Daimler Truck is to be given full commercial freedom, including its own corporate governance structure with an independent supervisory board chairman, and meet the criteria for listing on the DAX. Furthermore, Daimler intends to change its name to Mercedes-Benz at a later date.
“This is a historic moment for Daimler and the beginning of a far-reaching reorganisation of the company. Mercedes-Benz Cars & Vans and Daimler Trucks & Buses operate in different sectors with specific customer groups, technology paths and capital requirements. Mercedes-Benz is a top-end luxury car brand which offers discerning clients the most desirable cars in the world. Meanwhile, Daimler Truck supplies its clients with a wide range of industry-leading transport solutions and services. Both companies operate in industries which are undergoing sweeping change, both technologically and structurally. They can shape this change much more effectively if they act as independent units – with strong net liquidity and without the restrictions of a conglomerate structure,” said Ola Källenius, Chairman of the Board of Management of Daimler and Mercedes-Benz.
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