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Kraftwagen König
Daimler Says It's Preferred Bidder for Russia's KamAZ (Update2)
By Chris Reiter and Paul Abelsky
July 25 (Bloomberg) -- Daimler AG, the world's largest truckmaker, is in exclusive talks to buy a 42 percent stake in OAO KamAZ, Russia's biggest truck manufacturer, as part of its expansion into fast-growing markets.
Troika Dialog, a Russian bank, is seeking to sell the stake and selected Daimler as the preferred partner over other truckmakers, the Stuttgart, Germany-based company said today in a statement. The stake is valued at about $1.83 billion based on its current share price.
The Russian truck market, already the biggest in Europe, is expected to grow about 20 percent over the next two years, driven by demand for heavy-duty trucks, Daimler said. European demand for these vehicles fell 3.5 percent in June, as freight companies struggle with high fuel prices, the Brussels-based European Automobile Manufacturers Association said today.
Purchasing the stake would allow Daimler to combine development, production and sales expertise with KamAZ, the company said. Daimler, which is also considering building its own truck factory in Russia, plans to make a decision on its strategy in the oil-rich country by the end of the year.
Daimler spokesman Heinz Gottwick said it was unlikely the company would buy the KamAZ stake and build its own factory. He declined to comment on the possible price for the stake, because the company is examining KamAZ's operations.
KamAZ is Russia's largest maker of heavy-duty trucks, selling more than 53,000 vehicles in 2007 and controlling 30 percent of the market. Daimler, which makes the Mercedes-Benz, Freightliner and Fuso brands, sold 1,300 trucks in Russia in 2007, 58 percent more than a year earlier.
Troika would hold about 9 percent of KamAZ after the planned stake sale. The Russian government holds 38 percent of the truckmaker and is handing over its stake to state-run Russian Technologies Corp.
Russian Technologies ``positively'' views Daimler's interest, the holding company said in an e-mailed statement today. It intends to aid and encourage the negotiations, according to the statement.
To contact the reporter on this story: Chris Reiter in Berlin at creiter2@bloomberg.net; Paul Abelsky in St. Petersburg at pabelsky@bloomberg.net
Last Updated: July 25, 2008 09:54 EDT
Bloomberg.com: Germany
By Chris Reiter and Paul Abelsky
July 25 (Bloomberg) -- Daimler AG, the world's largest truckmaker, is in exclusive talks to buy a 42 percent stake in OAO KamAZ, Russia's biggest truck manufacturer, as part of its expansion into fast-growing markets.
Troika Dialog, a Russian bank, is seeking to sell the stake and selected Daimler as the preferred partner over other truckmakers, the Stuttgart, Germany-based company said today in a statement. The stake is valued at about $1.83 billion based on its current share price.
The Russian truck market, already the biggest in Europe, is expected to grow about 20 percent over the next two years, driven by demand for heavy-duty trucks, Daimler said. European demand for these vehicles fell 3.5 percent in June, as freight companies struggle with high fuel prices, the Brussels-based European Automobile Manufacturers Association said today.
Purchasing the stake would allow Daimler to combine development, production and sales expertise with KamAZ, the company said. Daimler, which is also considering building its own truck factory in Russia, plans to make a decision on its strategy in the oil-rich country by the end of the year.
Daimler spokesman Heinz Gottwick said it was unlikely the company would buy the KamAZ stake and build its own factory. He declined to comment on the possible price for the stake, because the company is examining KamAZ's operations.
KamAZ is Russia's largest maker of heavy-duty trucks, selling more than 53,000 vehicles in 2007 and controlling 30 percent of the market. Daimler, which makes the Mercedes-Benz, Freightliner and Fuso brands, sold 1,300 trucks in Russia in 2007, 58 percent more than a year earlier.
Troika would hold about 9 percent of KamAZ after the planned stake sale. The Russian government holds 38 percent of the truckmaker and is handing over its stake to state-run Russian Technologies Corp.
Russian Technologies ``positively'' views Daimler's interest, the holding company said in an e-mailed statement today. It intends to aid and encourage the negotiations, according to the statement.
To contact the reporter on this story: Chris Reiter in Berlin at creiter2@bloomberg.net; Paul Abelsky in St. Petersburg at pabelsky@bloomberg.net
Last Updated: July 25, 2008 09:54 EDT
Bloomberg.com: Germany
