Date:21/06/2006 URL: http://www.thehindu.com/2006/06/21/stories/2006062102491900.htm

Business

DaimlerChrysler to delist from exchanges

FILE PHOTO

OPTING OUT: The chief executives of Daimler AG Juergen Schrempp (right) and Chrysler Corp. Bob Eaton (left), display a large replica of the newly merged DaimlerChrysler share at the stock market in Frankfurt, Germany.

BERLIN: DaimlerChrysler AG said on Tuesday that its board had decided to delist the automaker's shares from 12 stock exchanges, among them Paris, Zurich and Tokyo, because of minimal trading in the stock.

The German-U.S. company said it would maintain its listings in Frankfurt, New York and in its German home city, Stuttgart. However, it applied to delist its ordinary shares from the Paris bourse, the SWX Swiss Exchange in Zurich, the Philadelphia Stock Exchange, the Chicago Stock Exchange, NYSE Arca and the Tokyo Stock Exchange.

DaimlerChrysler also said it would delist from a string of German regional bourses: the Berlin-Bremen exchange, Duesseldorf, Hamburg and Hanover, and Munich.

The management board made its decision ``due to minimal trading of DaimlerChrysler AG ordinary shares in certain stock exchanges and the costs and administrative burdens to maintain such stock exchange listings,'' DaimlerChrysler said in a statement.

``The company's decision also reflects its intention to benefit from the integration of financial markets and to reduce complexity of administrative processes,'' it added. — AP