Daimler AG (OTC: DDAIF) plans to create a separate company for its Daimler Truck business that would focus on zero-emissions vehicles and software that could lead to autonomous trucking.
The decision by Daimler’s supervisory board to move forward follows several years of discussion. The German newspaper Handelsblatt reported in December that Daimler was considering acting before the end of 2021. Shareholders will vote on the spinoff at a special meeting in the third quarter.
The Daimler Group paved the way for Wednesday’s action when it separated the car and van and the truck and bus businesses into two subsidiaries in November 2019.
Daimler Truck & Bus, created during the reorganization, is a global leader in sales of Class 8 and other commercial vehicles. It will have its own independent management. Stand-alone corporate governance would include an independent chairman of the Supervisory Board. It is expected to trade on the Frankfurt Stock Exchange by the end of 2021.