Russia, Belarus to form truck holding on equal footing
MINSK. Feb 19 (Interfax) - Belarus and Russia will form the RusBelAuto automobile holding on an equal footing, with Belarus retaining a blocking stake in the MAZ truck plant.
Georgy Kuznetsov, chairman of the Belarusian State Property Committee, said the countries had reached fundamental agreement on the terms for amalgamating the MAZ and Kamaz truck plants.
"We have agreed with the valuation of Kamaz, and the Russians with the valuation of MAZ. We are contributing 75% of the shares in MAZ to the holding and retaining a blocking stake," Kuznetsov told a press conference in Minsk, adding that Kamaz would contribute 49% of its shares.
Kuznetsov said retaining a blocking stake in MAZ would give Belarus some leverage in decision-making by the holding.
He said the sides were discussing how the holding's management would be formed, how many representatives of each would be on the supervisory board and the rotation of the board chairman.