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Daimler in talks to buy another 6% in Kamaz truck maker

© RIA Novosti . Vladimir Vyatkin / Go to the mediabankKAMAZ
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Auto giant Daimler AG is in talks with KamAZ to purchase another 5-6% stake in Russia's largest truck maker, a Russian shareholder said on Friday.

Auto giant Daimler AG is in talks with KamAZ to purchase another 5-6% stake in Russia's largest truck maker, a Russian shareholder said on Friday.

"Daimler has not stopped negotiations after acquiring 10% of shares," said Sergei Chemezov, head of the Russian Technology state corporation, which holds a 34% stake Kamaz. "We are discussing an increase in Daimler's stake in Kamaz to 15-16% and to a controlling interest by 2018."

Chemezov said the price of the stake would be at the level of last year's deal. The German company acquired the 10% stake from Russian Technology and Troika Dialog, another Kamaz shareholder, in 2008 for $250 million. Daimler is supposed to pay another 50% in 2012 if the Russian producer performs well.

Troika Dialog's managing director, Sergei Skvortsov, said on today that the investment company had proposed that Daimler buy a 13.2% stake in the summer, but the auto giant said it was only ready to acquire a minimum package of shares.

Kamaz shares jumped to 70.6 rubles ($2.3) on Russia's MICEX stock exchange on the back of the news, up 4.15% from the opening.

Following reports that Russian Technology is considering increasing its Kamaz stake by buying shares from Troika in September, shares rose from an 37 rubles to 88 rubles, to later settle at 65-70 rubles.

In November 2009, Daimler signed two joint-venture agreements with Kamaz to import Fuso Canter truck parts from Japan for assembly in Kamaz, and the other to manufacture Mercedes-Benz Trucks Vostok (MBTV) vehicles.

MOSCOW, December 18 (RIA Novosti)

 

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