An extraordinary general meeting today saw Daimler AG set course for a historic realignment of the company.

The planned spin-off of Daimler Truck by the end of 2021 will see Daimler Truck Holding listed on the Frankfurt Stock Exchange.

Shareholders also approved the renaming of Daimler as Mercedes-Benz Group from 1 February 2022, emphasizing the future focus on the car and van business.

Daimler chairman Bernd Pischetsrieder said: “Our company is making the right decision at the right time to sustainably safeguard success. Daimler Truck and Mercedes-Benz will be able to master the transformation of the industry even more successfully with full entrepreneurial freedom and an independent management structure. By spinning off the commercial vehicle business, we aim to create value for our shareholders, increase our profitability and fully exploit our potential.”

As a result of the realignment of Daimler AG and the planned spin-off of Daimler Truck, shareholders will hold a 65% stake in the new Daimler Truck Holding which will then be listed on the stock exchange as an independent company.

Daimler shareholders are to receive one additional share in Daimler Truck Holding for every two shares they hold in Daimler.

Daimler will retain a minority interest of 35% in Daimler Truck Holding and plans to transfer 5% to Daimler Pension Trust.