By Michael Dabaie

Daimler AG (DAI.XE) said its shareholders approved a new group structure, clearing the way for the auto maker to make its car and van business and its truck and bus business two independent entities through a spin-off.

Daimler is targeting the start of the new company structure for Nov. 1. Under the new structure, Mercedes-Benz AG will be responsible for the current Mercedes-Benz Cars and Mercedes-Benz Vans divisions, while Daimler Trucks and Daimler Buses will be joined in Daimler Truck AG.

Daimler Financial Services AG, which is already legally independent, will be called Daimler Mobility AG starting July 24.

"The new structure will enhance our ability to act in a dynamically growing competitive environment, including in terms of raising capital," said Manfred Bischoff, chairman of Daimler's supervisory board.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

May 22, 2019 14:54 ET (18:54 GMT)