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Daimler, EBRD Team Up for Acquisition of KAMAZ Shares

Posted Wed, 24/02/2010 - 19:42

Daimler AG recently announced it has begun the process to strengthen its position and role KAMAZ, the Russian truck and bus manufacturer in which it already owns a 10% interest. Daimler has teamed up with the EBRD and signed a memorandum of understanding to purchase a 5% stake currently owned by Troika Dialog. Under terms of the proposal, the deal would be completed as two transactions; Daimler would acquire 1% with the EBRD getting the remaining 4%.

The EBRD would also gain representation on the KAMAZ Board.

KAMAZ (www.kamaz.ru)
OJSC KAMAZ is a Russian manufacturer and distributor of trucks, buses, trailers, tractors, engines, and related automotive and industrial parts. The company's 46,000 employees earned 2008 revenues of USD 3.9 billion and sold nearly 48,000 units, making it Russia's largest truck and bus producer. KAMAZ vehicles and parts are distributed for sale through a network of partners primarily in the Middle East Region and South America. The company is based in the Russian Federation's Tatarstan region and has been in business since 1969.