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Daimler set to spin off truck unit by yr finish – CFO By Reuters


© Reuters. FILE PHOTO: Daimler AG’s FUSO Tremendous Nice truck is pictured on the forty fifth Tokyo Motor Present in Tokyo, Japan October 27, 2017. REUTERS/Kim Kyung-Hoon

BERLIN (Reuters) -German carmaker Daimler (OTC:) is on observe to spin off Daimler Truck, the world’s largest truck and bus maker, by the top of the yr, its finance chief was quoted as saying on Sunday.

“We’re proper on schedule with the detailed preparations for this complicated challenge and wish to float Daimler Truck on the inventory change as an impartial firm by the top of this yr,” CFO Harald Wilhelm informed the Automobilwoche weekly.

“We’re satisfied of the economic logic and advantages of the deliberate realignment of Daimler and the spin-off of Daimler Truck.”

A Daimler spokesperson mentioned on Sunday the corporate had no additional touch upon the report.

The plan – introduced in February – is aimed toward growing Daimler’s investor attraction as a targeted electrical, luxurious automotive enterprise, because the Mercedes-Benz model challenges Tesla (NASDAQ:) Inc, Porsche, BMW and others.

LBBW analyst Frank Biller informed the journal Daimler Truck might be part of the German of blue chip firms subsequent March.

Within the truck market, Daimler faces conventional rivals akin to Sweden’s AB Volvo, Volkswagen AG (OTC:) unit Traton and Paccar (NASDAQ:) Inc

Below the deliberate spin-off, a major majority stake in Daimler Truck could be distributed to Daimler shareholders.

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