Daimler could sell trucks stake a year after spin off -paper

FILE PHOTO: The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke/File Photo

BERLIN (Reuters) – Daimler could divest the 35% stake it will hold in its truck division after just one year following the planned spin-off, Handelsblatt business daily reported on Thursday.

An agreement to not sell the stake for three years without the consent of Daimler Truck could be shortened to 12 months if the Daimler board deems it necessary for economic and strategic reasons, the paper said.

Handelsblatt based its report on the agreement for the planned split of the company. The newspaper cited company sources as saying the listing could take place on Dec. 1.

A Daimler spokesperson said documents on the split of the group would be presented to shareholders at an extraordinary general meeting scheduled for Oct. 1, but declined to comment on the contents of the agreement.

After the split, Daimler will be renamed Mercedes-Benz Group AG to reflect its focus on the car and van business, including the Mercedes-Benz brand, and efforts to challenge Tesla and other rivals in the market for electric premium cars.

Of the 5 billion euros ($5.9 billion) that the future Daimler Truck will have in net liquidity, 3.1 billion euros are earmarked to strengthen the equity capital and the rest used to build up the company’s financial services provider, Handelsblatt reported.

($1 = 0.8519 euros)

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