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Daimler Trucks spin-off to take place in December if shareholders vote in favour of split, CFO says By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – The Daimler logo was seen in front of the Daimler Annual Shareholder Meeting, Berlin, Germany on April 5, 2018. REUTERS/Hannibal Hanschke/File Photo

BERLIN, (Reuters) – Daimler (OTC) will spin off its truck division Daimler Truck Holdings in December. Harald Wilhelm, Daimler’s chief financial officer, stated this on Friday. He spoke ahead of a vote by shareholders on the split.

According to CEO Ola Kallenius, the process would have cost Daimler approximately 700 million euros. He also stated that Daimler retained a 35% share in truckmaker to show its belief in the unit, expected to be merged with its parent company, index, after spinoff.

Daimler Trucks, the largest truckmaker in the world, is pre-pandemic revenue averaged 40 billion euro. However, its profit margin this year has lagged behind Volvo Trucks by Traton and Traton’s Scania.

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