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 kim.richters@wsj.com

(END) Dow Jones Newswires

December 10, 2021 05:41 ET (10:41 GMT)