Daimler not increase stake in Russia’s KAMAZ - press

MOSCOW, July 17 (Itar-Tass) - Daimler can be stripped of the exclusive right to buy a 23.6% stake in Russian truck producer KAMAZ from a consortium of its shareholders, and the company is happy with its 11% stake, business daily Vedomosti reported on Thursday citing sources close to KAMAZ shareholders. Under the company’s new shareholder agreement, Daimler will have no exclusive right for the purchase of the stake from the consortium, two sources said. The agreement is to be signed this year, and its participants will remain the same: industrial corporation Rostec, Daimler, the European Bank for Reconstruction and Development and the consortium. Earlier this year Daimler held negotiations with the consortium on acquiring its stake, but the talks failed as the consortium set the price of U.S. $2.4-2.5 billion. After Wednesday’s MICEX trading session, for instance, the company’s capital amounted to $729 million. KAMAZ is a Russian strategic company, and the government’s foreign investment commission can ban the deal. Learn more on itar-tass.com