Daimler, Rostekhnologii, Troika Dialog and Kamaz in mid December 2008 signed a strategic cooperation agreement.

(Kazan, March 12, Tatar-inform). The German auto concern Daimler has completed the deal on increasing its stake in Kamaz from 10 to 11 percent, Kamaz board chairman, Rostekhnologii general director Sergei Chemezov told reporters.

While speaking of the state corporation’s share in Kamaz increasing, Chemezov noted no decision had so far been made regarding how much exactly the Rostekhnologii’s stake would grow. Earlier, the corporation’s head said the increase of Rostekhnologii’s stake in Kamaz could be gradual.

The companies signed a letter of intent, stipulating an increase in the Daimler’s stake in Kamaz to 11 percent in mid February. The German concern representatives then noted that Troika Dialog sold 5 percent in Kamaz. Daimler’s share was to be 1 percent, while the EBRD was to buy 4 percent.

Daimler, Rostekhnologii, Troika Dialog and Kamaz in mid December 2008 signed a strategic cooperation agreement. Pursuant to it, Daimler bought 10 percent of Kamaz shares. The German concern paid $250 million for the package, another $50 million to be received before 2012 in case the plant operates successfully. Besides, Daimler within the agreement was given the right to buy another package in case the related decision is made.

The JSC Kamaz unit includes 13 large specialised divisions developing, manufacturing and assembling auto equipment and auto components, and engaged in sales of ready-made products. In total, the Kamaz group comprises 110 companies, including joint ventures in the CIS and foreign assembly plants.

Daimler AG is a German auto concern that owns the Maybach, Mercedes Benz, Smart, Freightliner, Sterling, Western Star and Setra brands. Daimler has assembly plants in 17 countries across the world, reports RBC.
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