Daimler denies trucks spinoff being mulled
FRANKFURT (Reuters) - Daimler AG (DAIGn.DE) denied a magazine report on Thursday that it was considering more job cuts and may spin off its market-leading trucks business as a way to help boost its weak share price.
"There is no new job cuts program," a spokesman said in response to a report by Germany's Manager Magazin, which did not identify its sources for the article.
A bourse listing for parts of its commercial vehicles business was "not an issue", the spokesman added.
The magazine said deeper job cuts -- primarily at group headquarters -- were part of a cost-saving drive that management is discussing to help counter a market slump that forced the maker of Mercedes-Benz cars to slash its 2008 earnings outlook last month.
The savings could also help finance heavy investments in new engine technology, it said, adding Chief Executive Dieter Zetsche would present the proposals to the group's supervisory board on September 25 and 26.
One company source called the board meeting next month "routine".
Daimler shares -- which have fallen by nearly half since October, prompting speculation it could become a takeover target -- rose as much as 3.4 percent, and were up 1.5 percent at 40.53 euros by 1000 GMT.
(Reporting by Hendrik Sackmann and Michael Shields; editing by Rory Channing)
