Move is designed for the businesses to react faster to sector-specific trends, ending more than a century of running them under one roof
Daimler shareholders backed a plan to spin off the sprawling truck division from the Mercedes-Benz luxury-car operations in a watershed decision to boost the valuation of both companies.
The move is designed for the businesses to react faster to sector-specific trends like battery power and autonomous driving, ending more than a century of running them under one roof. Investors are seeking more transparency and improvements to the truck unit’s notoriously low profitability, Deka Investment fund manager Ingo Speich said ahead of the meeting.
Daimler received a “very positive response” from its major shareholders after announcing the plan earlier this year, Kallenius said in an interview with Bloomberg Television earlier Friday. “They understand the logic behind this deal.” Daimler’s rival Traton abruptly replaced its two top executives this week, the second such shake-up at the truck business since its underwhelming initial public offering in 2019. The stock has failed to take off in part because of a small free float, with parent Volkswagen still holding about 90% of shares.
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