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12 Dec, 2008 08:07

Daimler buys into Kamaz

Daimler buys into Kamaz

German automaker Daimler is buying a 10% stake in Russian truckmaker Kamaz for $300 million.

Under the deal signed on Friday Daimler will pay $250 million this month, with a further $50 million to be paid in 2012 contingent upon the partnership being successful.

The purchase will see the German company buy a 10% stake from existing Kamaz shareholder, Russian investment bank Troika Dialog. The purchase is part of a strategic cooperation agreement between Daimler, Kamaz, Troika Dialog and fellow shareholder, State owned industrial holding, Russian Technologies.

The agreement will see Daimler using Kamaz facilities, dealer network and service stations, and provide new truckmaking technology for its Russian counterpart.

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