Daimler looks set to scale back its plans to take a 42% stake in the Russian truck manufacturer Kamaz.
According to comments reported widely today, Kamaz has informed reporters that Daimler is now only planning to take a 10% stake in the business.
Earlier in November, just-auto reported that there had been a cooling off in the Daimler board for the deal to acquire a 42% holding, with rumours the deal would be postponed.
Now, Kamaz president Sergei Chemezov has been quoted telling reporters that Daimler has become unhappy with the price being discussed for the stake, US$2m.
“The crisis has hit the company hard and now Daimler wants to reduce the size of its stake. Before, they wanted 42%. Now they are talking about much less, around 10%.”
He added that the new deal suited Kamaz as selling at the current price “would make no sense.”
In September, the Russian truck maker reported that its truck sales to the end of August had risen 11.7% on last year to 37,803 units. Engine sales rose 17.6% on the year to 47,941 units.