Daimler Truck rolls into stock market after Mercedes split

Daimler Truck launched connected the Frankfurt Stock Exchange connected Friday aft the heavy-goods cognition was spun disconnected from its holding group, soon to beryllium renamed arsenic Mercedes-Benz.

The caller radical is targeting an introduction into into the DAX, erstwhile the 40-member blue-chip scale is adjacent updated successful the archetypal 4th of 2022.

Daimler Truck was trading astatine 28 euros connected Friday morning, soon aft the unfastened of the banal exchange, valuing the caller institution astatine 23 cardinal euros ($26 billion).

The banal marketplace introduction was the "starting line" said Daimler Truck CEO Martin Daum successful a statement, adding the caller radical would usage its independency to people "more occurrence successful the future".

Its erstwhile location Daimler volition beryllium be renamed Mercedes-Benz aft its celebrated luxury car marque successful February adjacent year.

The breakup of the radical and the caller moniker were approved successful October by shareholders, who volition beryllium issued with 1 stock successful Daimler Truck for each 2 they clasp successful Mercedes.

The reorganisation was carried retired with an oculus to taking connected the antithetic technological challenges by the 2 companies arsenic the car assemblage moves distant from combustion engines.

While artillery exertion is indispensable to the aboriginal of rider cars, "hydrogen volition play an important relation successful the motortruck department", said Daimler CEO Ola Kallenius, who volition enactment connected astatine Mercedes.

In total, 65 percent of shares successful the caller entity volition beryllium passed connected to Daimler shareholders, with the remaining 35 percent held by the company itself.

The erstwhile radical volition proceed to beryllium represented connected the supervisory committee of Daimler Truck, though the day-to-day cognition of the 2 companies volition mostly beryllium separate.

Daimler Truck, which employs astir 100,000 for the accumulation of lorries, busses and specialised vehicles, is targeting a "two-digit" profit margin connected income by 2025.

In 2021, the caller radical expects a fig successful the portion of six to 8 percent, arsenic a shortage of semiconductors, an indispensable component, has raised prices for the industry.

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© 2021 AFP