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Today at the virtual Extraordinary General Meeting of Daimler AG (ticker DAI), the shareholders approved by an overwhelming majority on the realignment of the company.
The spin-off of the truck and bus business and the subsequent listing of Daimler Truck Holding AG as an independent company on the Frankfurt Stock Exchange were approved by 99.90% of the capital stock represented for the resolution. About 3000 viewers followed the virtual Extraordinary General Meeting on the Internet. A bare majority of 56.45% of the share capital was represented.
Shareholders approved at 99.89% of the votes cast renaming of Daimler AG as Mercedes-Benz Group AG effective 1 February 2022. The new name reflects the future focus on cars and vans of the brands Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach and Mercedes-EQ. The two measures must now be entered in the Commercial Register.
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Two current members of the Daimler Supervisory Board, Marie Wieck and Joe Kaeser, will step down from their positions and join the Supervisory Board of Daimler Truck Holding. As their successors in the Supervisory Board of Daimler AG, the shareholders elected Helene Svahn with a majority of 99.34% and Olaf Koch with a majority of 98.60% of what will become Mercedes-Benz Group. Around 3,000 viewers followed the virtual Extraordinary General Meeting on the Internet. A total of 56.45% of the share capital was represented.
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With an expected listing on the Frankfurt Stock Exchange by the end of this year, Daimler Truck had approached S&P Global Ratings (S&P) and Moody’s Investor Service (Moody’s) for setting up first time credit ratings. Both rating agencies now issued investment grade ratings for Daimler Truck. S&P Global Ratings assigned a long-term issuer credit rating of BBB + (outlook stable) while Moody’s assigned a long-term issuer credit rating of A3 (outlook stable).
Jochen Goetz, Chief Financial Officer of Daimler Truck AG: “These ratings are a confirmation, that Daimler Truck is ready for independence – guided by a clear strategy and with a strong financial profile. This will support our growth in the financial services segment and our ambition to achieve higher margins.”