Daimler Trucks to increase stake in Russian truck manufacturer KAMAZ

Muamer Hodzic February 11, 2010

Daimler AG and Russia’s leading investment bank Troika Dialog have signed a memorandum of understanding (MoU) regarding the strengthening of Daimler’s role in the Russian truck manufacturer KAMAZ, through the acquisition of 5% of the KAMAZ shares held by Troika Dialog.

Daimler AG will initially increase its holding in KAMAZ by one percent to 11%. The remaining four percent of the deal would be bought by the EBRD (European Bank for Reconstruction & Development). As a result of this transaction, the EBRD would obtain representation on the KAMAZ Board of Directors. Daimler AG has a seat on the KAMAZ Board of Directors since 2009. The parties to the contract have agreed not to disclose the price at which the 5% stake will be purchased from Troika Dialog.

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