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    DAI   DE0007100000

DAIMLER AG

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Daimler Management, Board Approve Truck Spinoff

07/30/2021 | 08:40am EDT

By Kim Richters

Daimler AG said Friday that its management and supervisory boards have signed off on realigning the car maker by creating the two independent companies Mercedes-Benz Cars and Daimler Truck.

According to the plan first announced in February, Daimler will spin off its commercial-vehicles business by the end of the year to shareholders who will receive one additional Daimler Truck Holding AG share for every two shares held. Shareholders will hold 65% in the new holding, that would then be listed on the stock exchange in Frankfurt as an independent company.

Daimler said it would keep a minority stake of 35% in the separated commercial-vehicles business, including a 5% stake that would be transferred to the Daimler Pension Trust.

The remaining company Daimler AG would then be named Mercedes-Benz Group AG as of Feb. 1 next year, said the company.

Shareholders will decide on Daimler's plans at an extraordinary general meeting on Oct. 1.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

07-30-21 1040ET

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Financials
Sales 2021 170 B 199 B 199 B
Net income 2021 12 486 M 14 621 M 14 621 M
Net cash 2021 23 360 M 27 355 M 27 355 M
P/E ratio 2021 6,19x
Yield 2021 5,68%
Capitalization 78 120 M 91 475 M 91 478 M
EV / Sales 2021 0,32x
EV / Sales 2022 0,27x
Nbr of Employees 289 643
Free-Float 81,4%
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Mean consensus BUY
Number of Analysts 23
Last Close Price 73,02 €
Average target price 94,13 €
Spread / Average Target 28,9%
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Managers and Directors
Ola Kńllenius Chairman-Management Board
Harald Emil Wilhelm Chief Financial Officer
Bernd Pischetsrieder Chairman-Supervisory Board
Markus Schńfer Chief Operating Officer
Clemens A. H. B÷rsig Member-Supervisory Board
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