Daimler To Delist From New York Stock Exchange
May 14 2010 - 10:24AM
Dow Jones News
German car maker Daimler AG (DAI) said Friday it plans to delist
its shares from the New York Stock Exchange, citing consistently
low trading volume and a change in investor behavior.
"The trading center for our shares...clearly is Frankfurt -- and
that is also the case for our international investors," said Chief
Executive Bodo Uebber.
At the end of April, Uebber had said the company had no plans to
delist from the U.S.
International investors now primarily trade in Daimler shares in
Germany and through electronic trading platforms. Also, Daimler's
trading volumes in the U.S. have been consistently low and, over a
twelve month period, amounted to an average of well below 5% of the
worldwide trading volume.
Daimler is the latest in a string of companies deciding to
delist from the New York Stock exchange. Last month, Deutsche
Telekom AG (DT) said it plans to delist its American depositary
shares from the NYSE to reduce complexity in financial reporting
and administrative costs. The delisting will become effective on or
about June 21.
Allianz SE (ALV.XE), Europe's largest primary insurer by gross
premium income, announced in September it would delist from the
NYSE and other European stock exchanges, citing the same
reasons.
Company website: www.daimler.com
-By Natascha Divac, Dow Jones Newswires; +49 69 29725 500;
djnews.frankfurt@dowjones.com
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