Daimler ‘on track’ to spin off heavy truck unit by year end, finance chief says

Europe

Daimler is on target to spin off its heavy truck business by the end of the year, finance chief Harald Wilhelm said.

“We are right on schedule with the detailed preparations for this complex project and want to list Daimler Truck as an independent company by the end of this year,” Wilhelm told Automobilwoche, a sister publication of Automotive News Europe.

“We are convinced of the industrial logic and the advantages of the planned realignment of Daimler and the spin-off of Daimler Truck,” he said.

Daimler announced its plans in February to split up its luxury cars business and its commercial vehicles division, renaming itself Mercedes-Benz in the process.

The plan is aimed at increasing Daimler’s investor appeal as a focused electric, luxury car business, as the Mercedes challenges Tesla, Porsche, BMW and others.

LBBW analyst Frank Biller told Automobilwoche that Daimler Truck could join the German DAX index of blue chip companies next March.

In the truck market, Daimler faces traditional rivals such as Sweden’s AB Volvo, Volkswagen’s Traton and Paccar.

Under the planned spin-off, a significant majority stake in Daimler Truck would be distributed to Daimler shareholders.

Reuters contributed to this report

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