Daimler AG, the world’s second largest producer of luxury vehicles (BMW is No. 1), said today it will end its stock listing in New York due to low trading volumes.
“Daimler continues to place great importance on having an international shareholder base,” Chief Financial Officer Bodo Uebber said in the statement. “The trading center for our shares, however, clearly is Frankfurt — and that is also the case for our international investors.”
In a letter to the New York Stock Exchange today, Daimler said it will delist the stock and the 8.5 percent notes due Jan. 18, 2031 issued by Daimler Finance North America LLC. Daimler, whose primary listing is in Frankfurt, stated that U.S. trading accounted for less than 5 percent of total volume in the past year.
– By: Stephen Calogera
Source: Automotive News (Subscription Required)