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Daimler drops listing on NTSE

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Daimler drops listing on NTSE

Alisa Priddle / The Detroit News

Daimler AG will stop listing its stock on the New York exchange as part of an overall plan for the German luxury automaker to conduct all trades through Frankfurt and Stuttgart.

Volumes over the past 12 months in the United States have dipped below the 5 percent threshold in New York where it no longer warrants the high cost and paperwork associated with using the New York Stock Exchange, said spokesman Han Tjan. "It is a logical step."

The move does not affect the value of the shares or have any impact on U.S. investors or those who want to invest in Daimler, Tjan said. They can continue to go through banks or brokers for electronic trading but the administration will be done through Frankfurt. The shares also can continue to be traded on the off-market.

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Daimler told the New York Stock Exchange today of its decision to apply for the discontinuation of the listing that commenced Oct. 5, 1993. In 1998 Daimler joined with Chrysler Corp. to form DaimlerChrysler AG but the Chrysler portion was sold in 2007. Today Chrysler Group LLC operates as a private company in partnership with Fiat SpA but the goal is to take the automaker public in a few years.

"Over the years we have been delisting in exchanges all over the world," Tjan said, with a desire for all trading in Frankfurt as well as Stuttgart where Daimler is based.

The stock ceased trading in Canada on the Toronto Stock Exchange in 2005.

"Daimler continues to place great importance on having an international shareholder base," said Daimler Chief Financial Officer Bodo Uebber in a statement.

"The trading center for our shares, however, clearly is Frankfurt -- and that is also the case for our international investors. Furthermore, this step will enhance our overall efficiency. The American sales market and our activities in North America remain as important as ever for Daimler."

Daimler also intends to delist the 8.5 percent notes due Jan. 18, 2031, issued by Daimler Finance North America LLC.

From The Detroit News: http://detnews.com/article/20100514/AUTO01/5140418/1148/Daimler-drops-listing-on-NTSE#ixzz0nw92ybG3

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