Russian Technologies, Daimler AG and the EBRD have increased equity stakes in the company under the new agreement.
The move follows the signing of a memorandum of understanding (MoU) between the partners, an event that took place on February 11, 2010.
Under the terms of the deal, the Russian state corporation Russian Technologies acquired a 12.12 percent stake in Kamaz. This brings Russian Technologies’ share in Kamaz to a total of 49,9 percent.
Daimler AG, which acts as a strategic partner, has acquired a 1 percent stake in Kamaz and now owns 11 percent of the truck maker's shares. The EBRD, in close partnership with Daimler AG, has acquired a stake in Kamaz as part of the long-term strategic plan agreed with the company’s main shareholders and management.
“This deal increasing Daimler’s stake in Kamaz indicates a broadening of our companies’ partnership, greater technological cooperation and a long-term commitment to collaboration. The Russian market remains one of the most promising strategic areas for Daimler and one where we anticipate significant growth over time,” said Andreas Renschler, Daimler Board of Management member responsible for Daimler Trucks and Daimler Buses.
“This is a landmark deal for Russia’s auto industry: despite current market volatility, the signatories to the strategic partnership signed in December 2008 have agreed to increase their participation in Kamaz, bringing greater amounts of foreign expertise and investment to Russia’s auto industry and providing a timely example of the ongoing internationalization of Russia’s economy,” said Sergey Chemezov, General Director at Russian Technologies.
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