STUTTGART, Germany, Oct. 1, 2021 /PRNewswire/ --
- Extraordinary General Meeting on the historic realignment of Daimler AG
- Initial listing of Daimler Truck Holding AG anticipated by end of 2021
Daimler AG to focus on cars and vans in the luxury and premium segment
- Renaming of Daimler AG as Mercedes-Benz Group AG planned for February 2022
At the virtual Extraordinary General Meeting this Friday, Daimler AG (ticker symbol DAI) is setting the course for a historic realignment of the company. The planned spin-off of Daimler Truck by the end of 2021 will make the success story of Daimler AG into two: with the intended listing of Daimler Truck Holding AG on the Frankfurt Stock Exchange, shareholders will hold shares of the global market leader in the commercial vehicle business in addition to their shares in Daimler AG. Also on the agenda for the shareholders' approval is the renaming of Daimler AG as Mercedes-Benz Group AG effective 1 February 2022, emphasizing the future focus on the car and van business with the brands Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach and Mercedes-EQ.
Bernd Pischetsrieder, Chairman of the Supervisory Board of Daimler AG: "Our company is making the right decision at the right time to sustainably safeguard success. Daimler Truck and Mercedes-Benz will be able to master the transformation of the industry even more successfully with full entrepreneurial freedom and an independent management structure. By spinning off the commercial vehicle business, we aim to create value for our shareholders, increase our profitability and fully exploit our potential."
Ola Källenius, Chairman of the Boards of Management of Daimler AG and Mercedes-Benz AG: "Daimler is splitting into two strong and independent companies. With this decisive realignment into pure-play entities, we aim to create value for all stakeholders. Now is the right time to take this step: self-determined and from a position of strength. By unlocking the full potential of both companies, we are establishing two undisputed innovation leaders who will set the pace in the transformation of their industries."
Martin Daum, Chairman of the Board of Management of Daimler Truck AG and designated Chairman of the Board of Management of Daimler Truck Holding AG: "As a technologically leading manufacturer of trucks and buses, we will do everything we can around the world to offer our customers the best products, our shareholders an attractive return on their investment, and our employees sustainable jobs. That's why we are accelerating the development of battery and fuel-cell vehicles in all segments along the way to emission-free transport. As an independent company, we will be able to make even greater use of our growth opportunities and further increase our financial success."
Michael Brecht, Deputy Chairman of the Supervisory Board and Chairman of the General Works Council of Daimler AG: "The employees are the most valuable asset of both companies. Our colleagues make financial success possible. As labour representatives, we will continue ensuring that employee interests are strongly represented. A strong sign of this is the willingness to invest and safeguard our plants so that we can concentrate on our work in a focused manner and without worrying about losing jobs. We have achieved this, and we look with confidence to a future that will now give us even more opportunities."
Two companies' shares in the DAX
As a result of the realignment of Daimler AG and the planned spin-off of Daimler Truck by the end of this year, the shareholders will hold a 65% stake in the new Daimler Truck Holding AG, which will then be listed on the stock exchange as an independent company. As consideration for the spin-off Daimler shareholders are to receive one additional share in Daimler Truck Holding AG for every two shares they hold in Daimler AG. Daimler will retain a minority interest of 35% in Daimler Truck Holding AG and plans to transfer 5% to Daimler Pension Trust e.V., a registered association according to German law.
Daimler assumes that the share of Daimler Truck Holding AG – after the listing in the Prime Standard of the Frankfurt Stock Exchange – will be included in the enlarged DAX share index with 40 members at the first possible date, probably in the first quarter of 2022. The shares of Daimler AG will also continue to fulfil the criteria for Germany's most important share index.
See www.daimler.com/focus/ for additional information.
This document contains forward-looking statements that reflect our current views about future events. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "can," "could," "plan," "project," "should" and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including an adverse development of global economic conditions, in particular a decline of demand in our most important markets; a deterioration of our refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters, pandemics, acts of terrorism, political unrest, armed conflicts, industrial accidents and their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates, customs and foreign trade provisions; a shift in consumer preferences towards smaller, lower-margin vehicles; a possible lack of acceptance of our products or services which limits our ability to achieve prices and adequately utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labour strikes or supplier insolvencies; a decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization measures; the business outlook for companies in which we hold a significant equity interest; the successful implementation of strategic cooperations and joint ventures; changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending governmental investigations or of investigations requested by governments and the outcome of pending or threatened future legal proceedings; and other risks and uncertainties, some of which are described under the heading "Risk and Opportunity Report" in the current Annual Report or in the current Interim Report. If any of these risks and uncertainties materializes or if the assumptions underlying any of our forward-looking statements prove to be incorrect, the actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements since they are based solely on the circumstances at the date of publication.
Daimler at a Glance
Daimler AG is one of the world's most successful automotive companies. With its Mercedes-Benz Cars & Vans, Daimler Trucks & Buses and Daimler Mobility divisions, the Group is one of the leading global suppliers of premium and luxury cars and one of the world's largest manufacturers of commercial vehicles. Daimler Mobility offers financing, leasing, fleet management, investments and insurance brokerage, as well as innovative mobility services. The company founders, Gottlieb Daimler and Carl Benz, made history by inventing the automobile in 1886. As a pioneer of automotive engineering, Daimler sees shaping the future of mobility in a safe and sustainable way as both a motivation and obligation. The company's focus therefore remains on innovative and green technologies as well as on safe and superior vehicles that both captivate and inspire. Daimler continues to invest systematically in the development of efficient powertrains – from high-tech combustion engines and hybrid vehicles to all-electric powertrains with battery or fuel cell – with the goal of making locally emission-free driving possible in the long term. The company's efforts are also focused on the intelligent connectivity of its vehicles, autonomous driving and new mobility concepts as Daimler regards it as its aspiration and obligation to live up to its responsibility to society and the environment. Daimler sells its vehicles and services in nearly every country of the world and has production facilities in Europe, North and South America, Asia and Africa. In addition to Mercedes-Benz, the world's most valuable luxury automotive brand (source: Interbrand study, 20 Oct. 2020), and Mercedes-AMG, Mercedes-Maybach, Mercedes-EQ and Mercedes me, its brand portfolio also includes commercial vehicle brands Mercedes-Benz Trucks, Freightliner, Western Star, BharatBenz, FUSO, Setra and Thomas Built Buses as well as the brands of Daimler Mobility: Mercedes-Benz Bank, Mercedes-Benz Financial Services, Daimler Truck Financial and Athlon. The company is listed on the Frankfurt and Stuttgart stock exchanges (ticker symbol DAI). In 2020, the Group had a workforce of around 288,500 and sold 2.8 million vehicles. Group revenues amounted to €154.3 billion and Group EBIT to €6.6 billion.
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SOURCE Daimler North America - Corporate Communications