Report – Kamaz stake might go to Russian buyers, not to Daimler image

Kommersant newspaper reported a 23.5 % stake in Russian truck maker Kamaz may be sold to Russian buyers rather than its partner Daimler, because the German carmaker is not offering a high enough price.

Sergei Chemezov, the head of Kamaz’s biggest shareholder, state conglomerate Rostec, told Reuters last year that negotiations aimed at giving Daimler a bigger stake had been suspended because of differences over price. Daimler, which owns 11 % of Kamaz directly, has a partnership agreement that would allow it to increase its holding this year or next.

Potential new buyers include Russian lender VEB, state-backed private equity fund the Russian Direct Investment Fund (RDIF) or Rostec, Chemezov was quoted as saying in Russian media on Wednesday.

Investors led by Ruben Vardanyan, the former chief executive of investment bank Troika, now owned by Sberbank, Kommersant said, currently own the stake.

One source familiar with the situation said that Daimler’s position on Kamaz has not changed and that talks with its partners are constructive and ongoing. Daimler has said in the past that it intends to raise its stake in the Russian firm.

Via Reuters