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
Spin-offs have been a prominent way for large corporations
to unlock value and respond to investors demanding a sharper
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
(Reporting by Victoria Waldersee
Editing by Riham Alkousaa and Jane Merriman)