Daimler vs NYSE

Daimler has decided to change something

In brief: Daimler believes that delisting solve several global problems of the company, in particular, at NYSE.

Supervisory and Managing Boards of German automobile concern Daimler AG decided to hold delisting of shares from the New York Stock Exchange (NYSE). Such information is contained in published today, a press release. It also noted that the company intends to hold delisting of bonds with a maturity of 18 January 2031g. his unit Daimler Finance North America LLC. German auto giant has already notified the NYSE of its decision.

In a communication company said that Daimler will hold a delisting of shares from the NYSE due to the low volume of trades for him on the American Stock Exchange (the volume of trading for shares of Daimler in the American Stock Exchange for the 12-month period not exceeding 5% of global trading volume of shares autoconcern). The behavior of international investors has changed significantly, according to a press release. Managing the financial arm of Bodo Webber noted that the major trades in shares of the company are now on the German stock exchange in Frankfurt am Main. According to him, the decision on delisting of shares from the NYSE will enhance the efficiency of the company. At the same time, B. Webber stressed that this does not diminish the value of the U.S. market for the company. “The U.S. market has been and remains for us is very important,” – said the head of the finance unit Daimler. After the delisting procedure is completed, Daimler is going to address the Commission on the Securities and Exchange Commission (SEC) U.S. application for cancellation of registration of shares and cancellation of all obligations of disclosure in accordance with the Law on Securities Trading of 1934.

Failure to register with the SEC allow companies to reduce administrative costs and simplify the preparation of financial statements. Earlier this year at Daimler have any serious problems with American justice: SEC along with the U.S. Department of Justice initiated the investigation into bribery, which carmaker distributed to foreign officials in order to ensure lucrative contracts. As part of the settlement of claims of the Justice Ministry and the U.S. Commission on Securities and Exchange Commission (SEC) German group and its “daughters” have agreed to pay 185 million dollars, of which 93.6 million dollars is fine and still 91.4 million – compensation for illegal profits. In addition, Daimler AG has agreed to a three-year oversight of the company by independent monitors. This condition also applies to the company’s Mercedes-Benz RUS “, Daimler Export and Trade Finance GmbH, as well as the Chinese branch – DaimlerChrysler China Ltd. (Renamed Daimler North East Asia Ltd.). In April of 2010. U.S. federal court has agreed to close the criminal case against the German auto concern Daimler.

Ukrainian Globalist
2010-05-14 20:29, Economics.

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