Effective 1-February 2022, Daimler AG, the maker of the world’s most recognized luxury car brand, will be split into two independent companies – Mercedes-Benz Group AG, which will handle passenger car and vans, and Daimler Truck Holding AG, for heavy commercial vehicles.
The split was first proposed in February this year by CEO Ola Källenius. It received its final vote of approval by shareholders last Friday, receiving an overwhelming support by 99.90 percent of the capital stock represented.
The spin-off company, Daimler Truck Holding AG will also be listed on the Frankfurt Stock Exchange. The shareholders of Daimler AG will hold a 65 percent stake in the new Daimler Truck Holding AG.
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Daimler shareholders are to receive one additional share in Daimler Truck Holding AG, the global market leader for commercial vehicles, for every two shares they hold in Daimler AG. Daimler will retain a minority interest of 35 percent in Daimler Truck Holding AG and intends to transfer 5 percent to Daimler Pension Trust e.V., a registered association according to German law.
Daimler AG, also listed on the Frankfurt Stock Exchange, will be renamed to Mercedes-Benz Group AG. It will be responsible for cars and vans of the brands Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach and Mercedes-EQ.
The split is necessary to allow Daimler to better focus its resources in developing electric and driverless vehicles.
The company says the split is aimed at “making Mercedes-Benz the world’s pre-eminent luxury car business, committed to leading in electric drive and car software”, while Daimler Truck will “accelerate its path towards zero emissions as the world’s largest truck and bus producer and technology leader.”
Over 15 years of experience in automotive, from product planning, to market research, to print and digital media. Garages a 6-cylinder manual RWD but buses to work.
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