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Daimler : Delays Ride-Hailing Joint Venture With BMW

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12/06/2018 | 11:05am EST

By Max Bernhard

Daimler said Thursday that its planned ride-hailing joint venture with BMW AG (BMW.XE) will be established later than expected, leading it to cut the earnings outlook for its financial services unit.

"Completion of the transaction, which was originally planned for 2018 and continues to be pursued by both partners, can no longer be achieved in the remaining weeks of this year," Daimler said.

The two German manufacturers, who usually compete in the premium auto segment, are continuing talks with U.S. antitrust authorities and now expect to close their deal at the beginning of next year, Daimler said.

Daimler had expected the deal to result in a significant positive earnings contribution for its financing unit, which it said will now be realized in 2019. The company therefore cut its 2018 outlook for the division. It now expects Daimler Financial Services' earnings before interest and taxes to be significantly lower than in the previous year.

Daimler's earnings forecast remains unchanged, it said.

Daimler and BMW decided to join forces in March to better handle competition from technology giants such as Uber Technologies Inc (UBERI.XX) and China's Didi Chuxing Technology Co. They plan to combine their car-sharing units, as well as there ride-hailing and electric-vehicle-charging services, in a new joint venture to be headquartered in Berlin.

The European Union has already approved the deal.

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

Stocks mentioned in the article
ChangeLast1st jan.
BAYERISCHE MOTOREN WERKE -0.25% 70.59 Delayed Quote.0.10%
DAIMLER -0.41% 50.4 Delayed Quote.10.24%
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Financials (€)
Sales 2019 172 B
EBIT 2019 12 490 M
Net income 2019 8 553 M
Finance 2019 15 710 M
Yield 2019 6,61%
P/E ratio 2019 6,29
P/E ratio 2020 6,27
EV / Sales 2019 0,22x
EV / Sales 2020 0,16x
Capitalization 54 144 M
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Mean consensus HOLD
Number of Analysts 30
Average target price 60,0 €
Spread / Average Target 19%
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Managers
NameTitle
Dieter Zetsche Chairman-Management Board
Manfred Bischoff Chairman-Supervisory Board
Bodo Knut Uebber Chief Financial Officer
Frank Lindenberg Head-Finance & Controlling
Clemens A. H. Boersig Member-Supervisory Board
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