Daimler Dumps New York Stock Exchange

Edward Niedermeyer
by Edward Niedermeyer

One of the last vestiges of the Daimler-Chrysler union is being swept away, as Daimler has announced that it will delist from the NYSE. Daimler initially listed itself on Wall Street in 1993, as it began its “marriage made in heaven” with Chrysler. Since then, Daimler says advances in electronic trading make it easier for traders to buy and sell its Frankfurt listings, and that the low volume of NYSE trading isn’t worth all the financial regulation that comes with a Wall Street listing. According to the company, less than five percent of its trading volume comes through its US listing. This means no more SEC filings from the German firm, although it insists that the US market remains important to its business and that it wants to maintain open communication with American investors who own 17 percent of Daimler’s shares. And it definitely has nothing to do with the company’s recent settlement of a bribery investigation by the DOJ. Or the fact that Chrysler could find itself back on the exchange within another year.

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  • Tced2 Tced2 on May 14, 2010

    And can't they save the costs of complying with Sarbanes-Oxley by not being listed on the NYSE?

  • Becurb Becurb on May 14, 2010
    tced2: And can’t they save the costs of complying with Sarbanes-Oxley by not being listed on the NYSE? No - SOX only applies to US public companies. However, no longer having to comply with SEC filings will reduce Daimlers' expenses to some degree, as there are German regulations that they have had to comply with. And, their being listed on multiple exchanges may have exacerbated the regulatory problems - it would be "a good thing(tm)" to have your filings consistent. :-) Bruce

  • Pgcooldad Pgcooldad on May 14, 2010

    I'm sure Chrysler workers are shedding a tear over this - a tear of joy ... good riddance!