Daimler preparing to list truck division - report

German luxury carmaker Daimler is preparing a stock market listing of its trucks division, business paper Handelsblatt reported late on Tuesday.

The listing is expected to be floated at the end of 2021, Handelsblatt’s sources told the newspaper. The listing could come as part of its long term plan to split its business and form independent subsidiaries under the same roof.

The move also comes after rival Volkswagen floated its truck business Traton. Daimler Trucks division head Martin Daum is likely to get an early extension of his contract by three years as part of the plans, the report added.

Shares in Daimler were up as much as 3.1% on the news on Wednesday.