Daimler moves to separate car, truck biz

Daimler shares rose as much as 1.5% to £68.94 and were up 0.4% at 1:24 pm in Frankfurt

Daimler is firming up plans for its biggest corporate overhaul in a decade, granting its cars and trucks operations more independence in bid to become more nimble as the auto industry confronts the disruptive shift to self-driving electric vehicles.

Under the plan, the German automotive giant would break up its conglomerate structure by transforming itself into a holding company with three units: Mercedes-Benz Cars & Vans, Daimler Trucks & Buses and the financial services unit, which is already legally independent, the Stuttgart, Germany-based company said Monday in a statement. 

While the move is aimed at giving “greater entrepreneurial responsibility” to the units,