December 12, 2008

Daimler to purchase 10 percent of Kamaz

German automaker Daimler AG said Friday it had agreed to purchase 10 percent of Russian truck maker Kamaz for $300 million.

Kamaz is controlled by Troika Dialog, which owns 54 percent of the company, Prime-Tass reported. The state-owned conglomerate Rostekhnologii owns 38 percent.

Daimler said it would pay $250 million this month and the remaining $50 million in 2012, the news service said.

But, the agreement includes more than cash and equity. Rostekhnologii Chief Executive Officer Sergei Chemezov said Kamaz will provide production and sales facilities as well as servicing for Daimler, makers of Mercedes Benz brands. Daimler, in turn, will provide Kamaz with new technologies, Chemezov said.