MAZ, Kamaz valuation will take several months - Ernst & Young
MINSK. June 28 (Interfax) - A market valuation of the assets of Belarusian truck maker MAZ and Russian truck maker Kamaz will take several months, the head of Ernst & Young's office in Belarus, Pavel Lashchenko, told Interfax.
"The valuation of MAZ and Kamaz will take several months. There has been no discussion of a deadline for completing the valuation," Lashchenko said.
"We are at the stage of drafting and agreeing the contract on the valuation of these assets. That will take some time. Most likely, it will be a three-party agreement between Ernst & Young's Moscow office on one side and MAZ and Kamaz on the other," he said.
The valuation will be carried out by an international team. Ernst & Young's Moscow office will form the core, to which independent technical advisors from other offices will be added.
It was reported earlier that Russian Technologies chief Sergei Chemezov expects to complete formation of a joint venture between MAZ and Kamaz within six months. The two companies will contribute shares of equal value to the JV, in accordance with Ernst & Young's valuation.
Chemezov said on June 22 that talks on a merger of Kamaz and MAZ had slowed owing to the political situation. "We held talks with Minsk. They are suspended for now. By all appearances the political situation is having an impact. We haven't been able to agree for now," Chemezov said.
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