12 Mar 2010 19:04

Daimler, EBRD close KamAZ stake acquisition deal

NEW DELHI. March 12 (Interfax) - A deal that increases Daimler's stake in Russian truck-builder OJSC KamAZ has been closed, Rostechology chief Sergei Chemezov told reporters on Friday.

Daimler purchased 1% and the European Bank for Reconstruction and Development (EBRD) 4% of KamAZ shares back in early February, Chemezov said. Daimler and the EBRD have thereby increased the stake in KamAZ to 15%.

The price tag on this was not revealed, but Chemezov did say it was about the same price Daimler paid for KamAZ stock in 2008, when the entire truck-builder was valued at $2.5 billion.

Until this deal, Daimler had a 10% stake in KamAZ, which it bought from a consortium of KamAZ shareholders led by Troika Dialog that held a 54.4% stake in the truck plant. That deal cost Daimler $250 million, and if KamAZ's financials for 2010 are positive, the buyer will have to pay the seller another $50 million.

Rostechology currently owns 37.8% of KamAZ shares, and the consortium led by Troika Dialog controls 39.4%.

KamAZ figures to sell 27,200 trucks this year, and to increase its sales to 46,100 in 2013.