\n By Dominic Chopping <\/p>\n
\n Daimler Truck has reduced its stake in Japanese joint venture Archion to 25%, generating cash proceeds of around $695 million. <\/p>\n
The German truck and bus maker said Wednesday that the sale, through a secondary offering of shares, brings its ownership stake down to the same level as partner Toyota Motor. <\/p>\n
Daimler Truck and Toyota Motor announced plans last year to merge their Japanese truck units in a move designed to increase efficiencies in development, procurement and production while boosting competitiveness. <\/p>\n
Daimler’s Mitsubishi Fuso Truck and Bus and Toyota’s Hino Motors have been combined under holding company Archion, with shares of the new company listed on the Tokyo Stock Exchange earlier this year. <\/p>\n
Both Daimler Truck and Toyota Motor had announced plans to each hold a 25% ownership stake in Archion. <\/p>\n
“The secondary offering generated cash proceeds of approximately 600 million euros, increased Archion’s free float and completed its successful transition to an independently listed company,” said Daimler Truck Chief Financial Officer Eva Scherer. <\/p>\n
“We remain a committed shareholder and continue to support Archion going forward.” <\/p>\n
\n Write to Dominic Chopping at dominic.chopping@wsj.com <\/p>\n
\n (END) Dow Jones Newswires<\/p>\n
08-19-26 0752ET<\/p>\n","protected":false},"excerpt":{"rendered":"By Dominic Chopping Daimler Truck has reduced its stake in Japanese joint venture Archion to 25%, generating cash…\n","protected":false},"author":2,"featured_media":623,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21157],"tags":[3427,548],"class_list":["post-76348","post","type-post","status-publish","format-standard","has-post-thumbnail","category-daimler-truck","tag-daimler-truck","tag-markets"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts\/76348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/comments?post=76348"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts\/76348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/media\/623"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/media?parent=76348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/categories?post=76348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/tags?post=76348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}