Daimler Annual Report 2011 - Alle jaarverslagen

20. Equity
See also the consolidated statement of changes in equity
7.04.
The share capital is divided into no-par value shares. All shares
are fully paid up. Each share confers the right to one vote
at the Annual Shareholders’ Meeting of Daimler AG and, if applicable,
with the exception of any new shares potentially not
entitled to dividend, to an equal portion of the profits as defined
by the dividend distribution resolved at the Annual Meeting.
Each share represents a proportionate amount of approximately
€2.87 of the share capital. For the development of shares
issued or outstanding see 7.40.
7.40
Development of shares issued
In millions of shares
2011 2010
Shares issued on January 1 1,066 1,061
Reacquired shares not cancelled
(share buyback program) previous years . -37
Shares outstanding on January 1 1,066 1,024
Utilization of treasury shares to enter into
a cross-shareholding structure between
Daimler AG, Renault SA and Nissan Motor
Company Ltd – 35
Repurchase of treasury shares to settle
obligations towards former AEG shareholders . -1
Utilization of treasury shares due to the
settlement of obligations towards former
AEG shareholders . 3
Reacquired shares not cancelled
(employee share purchase plan) -1 .
Reissued shares to employees
(employee share purchase plan) 1 .
Creation of new shares
by exercise of stock options . 5
Shares outstanding on December 31 1,066 1,066
Reacquired shares not cancelled
(share buyback program) – .
Shares issued on December 31 1,066 1,066
Treasury shares. By resolution of the Annual Meeting on
April 14, 2010, the Board of Management, with the consent
of the Supervisory Board, was authorized until April 13, 2015
to acquire treasury shares for all legal purposes, in a volume up
to 10% of the share capital issued as of the day of the resolution.
The authorization applies for example to the purchase
of shares for the purpose of cancellation, for using them for
business combinations or to acquire companies or for disposal
in other ways than through the stock exchange or by offering
them to all shareholders. This authorization has not been exercised
in the reporting period.
The resolution passed by the Annual Meeting on April 9, 2008
authorizing Daimler AG to acquire, until October 9, 2009,
treasury shares in a volume of up to 10% of the share capital
as of the day of the resolution for certain predefined purposes
including for the purpose of using them for business combinations
or to acquire companies had been partially utilized
by Daimler AG between June and October 2008. Of the treasury
shares purchased under this resolution, 37.1 million shares
were held as treasury stock of Daimler AG as of December 31,
2009.
In 2010, 32.9 million of these shares representing €94 million
or 3.1% of the share capital worth a total of €1,278 million
were transferred in the context of a cross-shareholding structure
by which Daimler AG acquired a 3.1% equity interest in
each of Renault SA and Nissan Motor Company (see also Note 3).
2.4 million treasury shares representing €7 million or 0.23%
of the share capital were sold on the stock exchange for a total
of €90 million to settle a cash obligation of this transaction.
Through a final verdict reached by the higher regional court
in Frankfurt am Main in November 2009, the exchange
ratio specified in the domination and profit and loss transfer
agreement between the former Daimler-Benz AG and the
former AEG AG from 1988 as well as the compensation payment
for unpaid AEG dividends determined in this agreement
had been increased for the benefit of those AEG shareholders.
In 2010, 1.5 million treasury shares representing €4 million
or 0.15% of the share capital were repurchased for a price of
€40 million by exercising a forward contract. This forward
contract was concluded with regard to the litigation mentioned
above but without any obligation to purchase shares. In 2010,
claims of former AEG shareholders were settled using 3.1 million
treasury shares worth a total of €108 million. 1.2 million
of those treasury shares, representing €3 million or 0.11% of
the share capital were sold on the stock exchange for a total
of €44 million to settle claims to cash compensation of former
AEG shareholders resulting from the litigation. The additional
1.9 million shares representing €6 million or 0.19% of the share
capital were transferred to former AEG shareholders to
satisfy their claims to additional Daimler shares.
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