Daimler Raises Stake in Kamaz

German carmaker Daimler announced today it has signed a memorandum of understanding (MoU) with Russian investment bank Troika Dialog for the acquisition of five percent of the Kamaz shares held by the latter. This means that after the deal goes through, the Germans will own 15 percent of the Russian truck maker.

“The planned increase of our stakes in KAMAZ is strengthening the strategic partnership of Daimler Trucks at KAMAZ,” Andreas Renschler, Daimler responsible for Daimler Trucks and Daimler Buses said in a release announcing the MoU.

“This is not only a strategically important step for Daimler Trucks, especially under the currently difficult economic conditions — it also sends a clear signal. The strategic partnership with KAMAZ and the projects that have already been completed have set a further milestone toward opening up the Russian market with its promising growth opportunities. It will allow us to further expand Daimler Trucks’ global presence.”

Last November, Daimler and Kamaz announced the establishment of two joint ventures, Fuso Kamaz Trucks Rus and Mercedes-Benz Trucks Vostok. Both will be equally owned by the truck makers.

“This agreement carries strategic significance for Russia and the Russian auto sector. It also speaks to a great deal of trust in Russia’s machinery industry and its overall economy, as well as the readiness of Western companies to invest in the Russian Federation,” Sergey Chemezov, General Director at Rostechnologii State Corporation Kamaz chairman added.