Amidst the doom and gloom there is some positive news from Daimler. It has acquired a 10% stake in Russian truck manufacturer Kamaz for US$250m.
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Under a deal signed today, Kamaz will get access to Daimler technology, while Daimler will be able to use Kamaz’s plants and dealer networks in Russia.
Daimler acquired the shares from a Russian investment bank. A further US$50m is payable to the bank if the business does well.
Daimler had originally been planning to acquire a 42% stake in the company but this was reduced to 10% over concerns about the price. A spokesman told Automobilwoche that there are no longer plans for Daimler to build its own plant in Russia. This would have been an alternative to acquiring a stake in Kamaz.
The company believes the small stake in Kamaz gives it a relatively low risk entry strategy for the Russian market. Kamaz is the largest truck manufacturer in Russia and the 11th largest in the world.
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By GlobalData
