- Title: Daimler Truck shares climb on Frankfurt market debut
- Date: 10th December 2021
- Summary: FRANKFURT, GERMANY (DECEMBER 10, 2021) (REUTERS) DAX BOARD WITH LARGE PHOTO OF DAIMLER TRUCKS STOCK EXCHANGE OFFICIAL ANNOUNCING INITIAL SHARE PRICE FOR DAIMLER TRUCK AT 28 EUROS VARIOUS OF BELL RINGING AND APPLAUSE VARIOUS OF DAIMLER CEO OLA KALLENIUS RINGING BELL BOARD SHOWING FIRST PRICE AT 28 EUROS AND LAST PRICE AT 29.03 EUROS VARIOUS OF CAR SHARES ON BOARD (SOUNDBITE) (English) DAIMLER CEO, OLA KALLENIUS, SAYING: "Already in February when we announced that we intended to take this step, the stock jumped 10% and with a very robust first price of the truck side today, I think that part of that equation has now been fulfilled. Now it's all about executing our strategies and unlock even more value in these two shares in the years to come." ELECTRONIC BOARD SHOWING FIRST PRICE (SOUNDBITE) (English) DAIMLER CEO, OLA KALLENIUS, SAYING: "With the plans that we presented this summer, we're going to put the company into a position to go all electric by the end of this decade and in fact, all new architectures that come from the year 2025 forward will be EV (electric vehicle) only. So, a massive shift in capital allocation towards electrification. We want to be one of the leaders in this transformation." DAIMLER SIGNS ON DISPLAY VARIOUS OF KALLENIUS POSING FOR CAMERAS WITH BULL STATUE OUTSIDE FRANKFURT STOCK EXCHANGE DAIMLER TRUCK FLAGS OUTSIDE STOCK EXCHANGE (SOUNDBITE) (German) ANALYST OF METZLER BANK, JUERGEN PIEPER, SAYING: "Ultimately, I think it's a good idea. Especially on the German market we have seen a lot of positive spin-off examples such as at Bayer and Siemens. It went really well both for the companies and the investors. Everyone profited and I believe that's what will happen with Daimler, too."
- Embargoed: 24th December 2021 11:45
- Keywords: Daimler CEO Ola Kallenius Reuters interview share price drop plunge trucks spin-off
- Location: FRANKFURT, GERMANY
- City: FRANKFURT, GERMANY
- Country: Germany
- Topics: Company News Markets,Europe,Economic Events
- Reuters ID: LVA001F7GE1SD
- Aspect Ratio: 16:9
- Story Text: Shares in Daimler Truck climbed on their Frankfurt market debut on Friday (December 10) following the commercial vehicle maker's long-awaited spin-off from Daimler.
The split was announced in February and pitched by the two companies as an opportunity to unlock value in both Daimler Truck and the owner of Mercedes-Benz passenger cars and vans.
At 1023 GMT, Daimler Truck shares were trading at 29.88 euros, above their debut price of 28 euros.
"With a very robust first price of the truck side today, I think that part of that equation has now been fulfilled.
Now it's all about executing our strategies and unlock even more value in these two shares in the years to come," Daimler CEO Ola Kallenius told Reuters.
Daimler Truck is targeting double-digit profit margins across the business in 2025, up from an expected 6-8% in 2021, with a particular focus on boosting its lagging European sales.
AT 1:15 P.M. (1215 GMT), shares in Daimler Truck traded for 29.15 euros, those of Daimler for 74.95 euros, an increase of 3.8% after they initially fell around 16% in early trading.
(Production: Hakan Erdem, Annkathrin Weis, Michele Sani) - Copyright Holder: REUTERS
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