Business

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

Daimler (DAIGn.DE)’s spinoff of its truck division Daimler Truck Holdings will take place in December, its CFO Harald Wilhelm said on Friday, speaking ahead of a shareholder’s vote on the split.

The process, which was expected this year, would cost Daimler around 700 million euros, CEO Ola Kallenius said, adding that Daimler’s decision to retain a 35% stake in the truckmaker showed its faith in the division expected to join its parent company in Germany’s DAX index after the spinoff.

Daimler Trucks is the world’s largest truckmaker, with pre-pandemic revenues averaging 40 billion euros, but its profit margin has this year lagged behind competitors like Volvo Group’s (VOLVb.ST)’s Volvo Trucks and Traton’s (8TRA.DE)’s Scania.