State conglomerate Russian Technologies is in talks with investment bank Troika Dialog to acquire a controlling stake in KamAZ, Russia’s largest truck maker, according to Reuters.
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KamAZ shares surged nearly 30% after business newspaper Kommersant reported that the price of the stake could exceed US$300m, nearly three times its worth at close of trade the previous day.
Russian Technologies, which has interests in aviation, defence and metals, plans to create a new automotive giant to control its stakes in KamAZ and AvtoVAZ.
Sergei Kogogin, the current chief executive of KamAZ, has agreed to head the new automotive company, said Reuters. Russian Technologies is headed by Sergei Chemezov – a close ally of Russian prime minister Vladimir Putin and already owns 37.8% of KamAZ. Should it acquire a further 13% shareholding from Troika Dialog, its stake would rise to more than 50%. Troika Dialog currently owns 44% of KamAZ.
Sources close to KamAZ shareholders told Reuters that Russian Technologies was in talks with Troika Dialog over the sale and that talks have focused on a price close to that paid by Daimler when it acquired its stake – also from Troika Dialog – in December.
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By GlobalDataDaimler paid $250m for a 10% stake. At such a price, a stake of 13% would be worth $325m, compared with a value of $110m based on Wednesday’s closing price. Daimler, which already holds a 10% share in KamAZ, has first right of refusal on the stake.
