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 kim.richters@wsj.com

 

(END) Dow Jones Newswires

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

Copyright (c) 2021 Dow Jones & Company, Inc.
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