By Kim Richters


Daimler AG said Friday that its management and supervisory boards have signed off on realigning the car maker by creating the two independent companies called Mercedes-Benz Cars and Daimler Truck.

According to the plan first announced in February, Daimler will spin off its commercial-vehicles business by the end of the year to shareholders who will receive one additional Daimler Truck Holding AG share for every two shares held. Shareholders will hold 65% in the new holding, that would then be listed on the stock exchange in Frankfurt as an independent company.

Daimler said it would keep a minority stake of 35% in the separated commercial-vehicles business, including a 5% stake that would be transferred to the Daimler Pension Trust.

The remaining company Daimler AG would then be named Mercedes-Benz Group AG as of Feb. 1 next year, said the company.

Shareholders will decide on Daimler's plans at an extraordinary general meeting on Oct. 1.


Write to Kim Richters at


(END) Dow Jones Newswires

July 30, 2021 10:40 ET (14:40 GMT)

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