Daimler Truck Shares Move Higher in Market Debut -- Update
By Kim Richters
Shares in Daimler Truck Holding AG climbed higher in its
stock-market debut in Frankfurt, Germany on Friday.
The commercial-vehicles business was spun off from auto maker
Daimler AG, which revealed the plans earlier this year. Daimler
shareholders received one Daimler Truck share for every two shares
held. Daimler, which will focus on cars and vans and will be
renamed Mercedes-Benz Group AG next year, kept a 35% stake in the
separated truck maker.
"The historic reorganization to two 'pure-play' companies is
intended to unleash the full potential of both companies and create
decisive added value for all sides," Daimler's Chief Executive
Officer Ola Kallenius said in a statement.
At 1001 GMT, Daimler Truck shares were trading at EUR29.93,
higher than their initial price of EUR28 a share. Shares in Daimler
were 14% lower at EUR74.27, adjusting for the split.
Like other vehicle makers, Daimler Truck has been affected by
recent semiconductor shortages. At a press conference related to
the trading debut, Daimler Truck's finance chief Jochen Goetz said
he hoped the third quarter was the trough of the bottlenecks but he
expects the shortages to continue to affect the industry and have
very strong impact well into the next year.
For this year, Daimler Truck expects an adjusted return on sales
at its industrial business of between 6% and 8%.
Write to Kim Richters at email@example.com
(END) Dow Jones Newswires
December 10, 2021 05:41 ET (10:41 GMT)
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