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3 February 2021 By Christopher Thompson Follow @CGAThompson

The German automaker plans to list a majority stake in its truck and bus unit in Frankfurt. On a similar multiple as rivals Volvo and Volkswagen-owned Traton, it could be worth 20 bln euros. Consolidation in the sector gives Daimler an extra reason to have its own M&A currency.

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Daimler said on Feb. 3 it had begun preparations for a spinoff of its truck and bus divisions. The German carmaker said it would distribute a “significant majority stake” in Daimler Truck to its shareholders.

Daimler said a spinoff would require the approval of a shareholders' meeting of which could be held at the end of the third quarter of 2021, allowing the spinoff to be completed before the end of the year.

Daimler’s truck business generated revenue of 40.2 billion euros and earnings before interest and tax of 2.5 billion euros. The bus business produced revenue of 2.5 billion euros and EBIT of 283 million euros.

Daimler shares rose by 6% to 62.81 euros by 1543 GMT on Feb. 3.

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