spinoff

XPO board approves RXO spinoff, eyes Nov. 1 distribution

XPO truck on road

XPO Logistics announced Monday the planned spinoff of its brokerage unit, RXO, has received board approval. XPO also announced dates for the transaction and introduced a new board of directors.

Upon separation of the companies, current XPO Chairman and CEO Brad Jacobs will be the executive chairman of XPO’s board. Mario Harik, current chief information officer and head of XPO’s less-than-truckload unit, will succeed Jacobs as CEO and will also become a board member. The eight-person board will...

https://www.freightwaves.com/news/xpo-board-approves-rxo-spinoff-eyes-nov-1-distribution

Daimler Truck begins trading in Germany as stand-alone company

Daimler Truck, the world’s largest maker of commercial vehicles, began trading on the Frankfurt Stock Exchange on Friday, completing a split-off from Daimler AG.

The long-awaited independence, first discussed in 2014, was a stock listing rather than an initial public offering. Daimler AG, the parent company of luxury passenger carmaker Mercedes-Benz, retains ownership of 35% of Daimler Truck. Shareholders in Daimler received one share in Daimler Truck for every two Daimler AG (OTC: DDAIF) shares...

https://www.freightwaves.com/news/daimler-truck-begins-trading-in-germany-as-stand-alone-company

Daimler Truck spinoff on track after parent company’s board vote

Daimler Truck Holding AG has received the go-ahead to become a stand-alone company from the Board of Management and Supervisory Board of Daimler AG.

After the planned spinoff of Daimler Truck by the end of this year, shareholders of Daimler AG will hold a 65% stake in the new company, which will be listed on the stock exchange as an independent company. Daimler shareholders will get one additional share in Daimler Truck Holding AG for every two shares they hold in Daimler AG (OTC: DDAIF).

Daimler...

https://www.freightwaves.com/news/daimler-truck-spinoff-on-track-after-parent-companys-board-vote

XPO announces logistics spinoff GXO

XPO Logistics Inc. (NYSE:XPO), on Thursday introduced its planned spinoff, GXO Logistics Inc. 

XPO announced that it has filed a confidential initial Form 10 with the U.S Securities and Exchange Commission for the stand-alone, with expectation for board approval in the second half of 2021.

“Today, we took an exciting step forward on our path to spinning off our logistics segment. The new company is called GXO — three letters that stand for the game-changing opportunities we’re bringing to the...

https://www.freightwaves.com/news/xpo-announces-logistics-spinoff-gxo

Roadrunner breakup; refocus moves forward

Roadrunner truck on highway

Roadrunner Transportation Systems Inc. (OTC: RRTS) announced plans to spin-off its Ascent Global Logistics unit in August. The planned deal would create two separate companies – Roadrunner Transportation Systems, Inc. with less-than-truckload (LTL) and truckload (TL) freight divisions and privately-held Ascent Global Logistics, Inc.

While the company’s new capital structure hasn’t been finalized, Roadrunner’s credit facility with BMO Harris Bank (NYSE: BMO) will be terminated and the entity is...

https://www.freightwaves.com/news/roadrunner-breakup-refocus-moves-forward

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