By Kim Richters 
 

Daimler AG said Friday that its shareholders have approved plans to spin off its commercial-vehicles operations, clearing the way to list Daimler Truck on the stock exchange by the end of the year.

The German car maker plans to hand a 65% stake in the trucks-and-buses business to shareholders who will receive one additional Daimler Truck Holding AG share for every two Daimler shares held. Daimler wants to keep a 35% stake, with 5% transferred to Daimler Pension Trust.

Shareholders at the extraordinary general meeting on Friday also agreed to rename the remaining business of Daimler AG, which is focussed on cars and vans in the luxury and premium segment, as Mercedes-Benz Group AG from February next year.

At 1324 GMT, shares in Daimler were trading 1.5% higher at EUR77.89.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

October 01, 2021 09:49 ET (13:49 GMT)

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