FRANKFURT — Daimler will keep a 35 percent stake in the trucks division that it plans to spin off later this year, the automaker said, unveiling more details about the landmark corporate split announced earlier this year.
The spinoff of Daimler Truck Holding as a separate listed entity will be voted on by Daimler shareholders at an extraordinary general meeting on Oct. 1. They will receive one share in the trucks division for every two Daimler shares.
Daimler, in turn, will be renamed Mercedes-Benz Group to reflect its focus on the car and van business including the Mercedes-Benz brand.
“Daimler’s realignment makes one success story into two,” Daimler CEO Ola Kallenius said in a statement on Friday.
“With this courageous step into a new future, we are creating added value with two pure-play companies for our customers, employees, shareholders and partners,” Kallenius said.
Daimler will provide Daimler Truck Holding with net liquidity of 5 billion euros ($5.94 billion) until the end of the year, when the truckmaker’s shares are expected to start trading, so that it can achieve an investment-grade rating.