Daimler seeks delisting from NYSE

German carmaker Daimler wants to pull its shares off the New York Stock Exchange because of low trading volume and to reduce the complexity of its financial reports, the company said Friday.

Daimler, the maker of Mercedes-Benz and Smart automobiles and onetime owner of Chrysler, told the stock exchange of its intentions on Friday and has applied for delisting with the U.S. Securities and Exchange Commission, spokesman Han Tjan said.

Normally it takes about 10 business days from the application date for the shares to be removed from the exchange, Tjan said.

After delisting, U.S. shareholders can continue to trade them at most major banks, and shares can be traded through the Frankfurt or Stuttgart exchanges in Germany, Tjan said. Shares will continue to trade at market rates. Daimler's U.S. shares fell 75 cents to $50.32. The German automaker's shares have been traded on the New York exchange since Oct. 5, 1993, five years before the company took over Chrysler in a $36-billion deal.

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