Updated at 14:54,16-10-2020

MAZ can go to German concern Daimler


German concern announced its readiness to buy from "Russian Technologies" the control stock of Russian KAMAZ, which, in its turn, negotiates with the government on the establishment of auto-holding with the Minsk Automobile Plant.

German autoconcern Daimler, which owns 11% stake in KAMAZ, ready to increase its share in the company to a control stake through "Russian Technologies", said the head of Russian concern Sergey Chemezov.

"We can sell KAMAZ too, we have 49.9%, it makes no sense to keep such a package. Daimler, they are willing to increase the share to a control stock", RIA Novosti quotes Chemezov.

The fact that German autoconcern is interested to increase its share in Russia's KAMAZ is not a secret. This was informed by the board member of Daimler AG A. Renschler at a press conference in September last year. He also told, that negotiations with other shareholders of Russia's largest truck manufacturer is being held, but it's too early to talk about the timing and amount of the deal.

According to "Market Leader", "Russian Technologies" owning the largest stake in Kamaz (49.9%), intended to sell its civil assets in 2014-2015. In the first stage the state corporation is going to reduce its share in the civil assets up to 25%, while in the second one - to sell all the shares in non-core assets.

At the same time, governments of Belarus and Russia still hope to establish an automobile holding on the basis of JSC "Minsk Automobile Plant" (MAZ) and KAMAZ. However, the parties cannot yet agree on the evaluation of assets. In particular, the Belarusian side believes that MAZ costs not less than KAMAZ. However, a member of the world's top four auditors, Ernst & Young evaluated MAZ only at $800 million. The market value of KAMAZ is at least $1.8 billion. And after the news of a possible purchase of KAMAZ control stake by the Daimler concern, Russian auto giant shares jumped in price by 12%.

However, recently, Belarusian authorities suddenly said, they haven't made a choice between the strategic investor yet, owned by oligarch Oleg Deripaska "Russian Machines", part of which is "GAZ Group" and "Russian Technologies".

"The choice in favor of a particular partner ... at this stage is premature", the Minister of Industry of Belarus Dmitry Katerinich said on January 31.

Note: KAMAZ ranks the 11th place among the world's leading producers of heavy trucks and eighth place in the world in terms of diesel engines production capacity. Single complex of the company includes 13 large specialized units for development, production, assembly of automotive vehicles and components, as well as sales of finished products. In total the group of companies consists of 96 companies.

"GAZ Group" is the Russian automotive company. Headquarters is in Nizhny Novgorod. "GAZ Group" brings together 18 industrial enterprises in ten regions of Russia, as well as sale and service organizations. "GAZ Group" produces light and medium commercial vehicles, heavy trucks, buses, cars, road construction equipment, power units and automotive components.