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DAIMLER AG

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Daimler shareholders vote in favour of truck division spinoff

10/01/2021 | 09:11am EST

BERLIN, Oct 1 (Reuters) - Daimler shareholders on Friday voted in favour of spinning off the company's truck division Daimler Truck Holdings AG, with shares in the new company to start trading in December.

Daimler Trucks & Buses is set to become the world's largest truckmaker after the spinoff is complete.

Shareholders representing 56.45% of Daimler's capital took part in the vote at an extraordinary shareholder meeting, with 99.9% voting in favour.

"Until now we've had to orient ourselves to the route taken by our car colleagues. In the future we can plan our own route and choose the path that is ideal for us," Daimler Trucks CEO Martin Daum said at the meeting.

Daimler shareholders will receive one share of Daimler Trucks for every two Daimler shares they own. Daimler will keep a 35% stake in Daimler Trucks, and provide it with a net liquidity of 5 billion euros until the end of the year.

Spin-offs have been a prominent way for large corporations to unlock value and respond to investors demanding a sharper business model.

The luxury carmaker, to be renamed Mercedes-Benz Group AG from next February to reflect its focus on the car and van business, expects the spun-off truckmaker to join it on the DAX listing of Germany's 40 largest firms in the first quarter of 2022, it said on Friday.

Daimler Trucks reported an 8.2% profit margin in the second quarter of this year, a recovery to pre-pandemic levels but still below competitors like Traton's Scania and Volvo Group's Volvo Trucks.

Prior to the pandemic the business turned over approximately 40 billion euros ($46.33 billion) in annual revenue with profits of around 2 billion.

The truckmaker will focus on developing its high-margin heavy truck business, CEO Daum has said, and is betting on a mix of battery-electric and hydrogen vehicles to reach its goal of CO2 neutral production by 2039.

It expects an annual return on sales of between 6-7% in 2021 rising to 8-9% in a stronger market environment, Daum said, below Daimler's expected return for its car and van business of 8-10%. (Reporting by Victoria Waldersee Editing by Riham Alkousaa and Jane Merriman)


ę Reuters 2021
Stocks mentioned in the article
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Sales 2021 168 B 190 B 190 B
Net income 2021 12 740 M 14 382 M 14 382 M
Net cash 2021 23 340 M 26 349 M 26 349 M
P/E ratio 2021 7,14x
Yield 2021 4,99%
Capitalization 92 124 M 104 B 104 B
EV / Sales 2021 0,41x
EV / Sales 2022 0,35x
Nbr of Employees 289 282
Free-Float 81,4%
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Number of Analysts 24
Last Close Price 86,11 €
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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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