Daimler AG announced that they will no longer list shares on the New York Stock Exchange (NYSE). The move is a response to changes in investor behavior and low trading volumes.
“Daimler continues to place great importance on having an international shareholder base,” said Bodo Uebber, CFO of Diamler AG in a statement. “The trading center for our shares, however, clearly is Frankfurt – and that is also the case for our international investors. Furthermore, this step will enhance our overall efficiency. The American sales market and our activities in North America remain as important as ever for Daimler.”
Daimler will discontinue its listing and the 8.5 percent notes that are due in January of 2031 of Daimler Finance North America LLC and related guarantees. Once effective, the company will undergo the necessary steps to deregister with the Securities and Exchange Commission (SEC).
International investors tend to trade the company’s shares in the German stock market. Trading volume for Daimler shares has been consistently low in the U.S. over the past year, an average of 5 percent of the worldwide trading volume. Additionally, the company simply chooses to limit its number of stock-exchange listings, part of a long-term plan.
Though Daimler is pulling out of the NYSE, the company will continue to focus on the North American vehicle markets, where it holds a strong presence, accounting for a quarter of the company’s worldwide revenue. Daimler will also maintain an open dialogue with U.S. investors and maintain transparency in financial reporting practices.
Source: Daimler AG
“Daimler continues to place great importance on having an international shareholder base,” said Bodo Uebber, CFO of Diamler AG in a statement. “The trading center for our shares, however, clearly is Frankfurt – and that is also the case for our international investors. Furthermore, this step will enhance our overall efficiency. The American sales market and our activities in North America remain as important as ever for Daimler.”
Daimler will discontinue its listing and the 8.5 percent notes that are due in January of 2031 of Daimler Finance North America LLC and related guarantees. Once effective, the company will undergo the necessary steps to deregister with the Securities and Exchange Commission (SEC).
International investors tend to trade the company’s shares in the German stock market. Trading volume for Daimler shares has been consistently low in the U.S. over the past year, an average of 5 percent of the worldwide trading volume. Additionally, the company simply chooses to limit its number of stock-exchange listings, part of a long-term plan.
Though Daimler is pulling out of the NYSE, the company will continue to focus on the North American vehicle markets, where it holds a strong presence, accounting for a quarter of the company’s worldwide revenue. Daimler will also maintain an open dialogue with U.S. investors and maintain transparency in financial reporting practices.
Source: Daimler AG
