Daimler Trucks spin-off to take place in December if shareholders
© Reuters. FILE PHOTO: The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke/File Photo
BERLIN (Reuters) – Daimler (OTC:)’s spinoff of its truck division Daimler Truck Holdings will take place in December, its CFO Harald Wilhelm said on Friday, speaking ahead of a shareholder’s vote on the split.
The process, which was expected this year, would cost Daimler around 700 million euros, CEO Ola Kallenius said, adding that Daimler’s decision to retain a 35% stake in the truckmaker showed its faith in the division expected to join its parent company in index after the spinoff.
Daimler Trucks is the world’s largest truckmaker, with pre-pandemic revenues averaging 40 billion euros, but its profit margin has this year lagged behind competitors like Volvo Group’s’s Volvo Trucks and Traton’s’s Scania.
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