The German Mercedes-Benz Group has sold its stake in the Russian truck manufacturer KamAZ, the company announced, Reuters reported on February 15.
The deal took place this month, after receiving all the necessary approvals, the Mercedes-Benz Group reported, without specifying the buyer or the transaction amount.
Earlier this Thursday, the General Director of KAMAZ PJSC Sergey Kogogin said in an interview with Vedomosti that the German automaker sold its 15 percent stake, also without disclosing the buyer and the amount.
“In accordance with Russian legislation, joint stock companies have the right not to disclose the ownership structure and owners,” a KamAZ representative said in an interview with Reuters on condition of anonymity.
Daimler became a shareholder of KamAZ in 2008, purchasing 10%, and later buying another 5% from its partners. In 2021, the cargo division of Daimler Truck was separated from the company, but the KamAZ package remained with Daimler, which in February 2022 was renamed the Mercedes-Benz Group.
PJSC KAMAZ does not disclose the structure of shareholders in the Russian register of legal entities. According to SPARK-Interfax, as of 2021, 47.1% of the Russian automaker was owned by the Rostec state corporation, 23.54% by Avtoinvest LLC.
According to Kogogin, the German automaker has not been involved in the life of KamAZ since February 2022, when Russia launched a special military operation in Ukraine.
“The termination of relations with European partners, which certainly changed our product, did not affect our ability to produce commercial vehicles and develop our model range,” Vedomosti quoted the general director of KamAZ as saying.
The Russian manufacturer, which produces both civilian and military equipment, came under US sanctions in June 2022 and under EU sanctions in March 2023, recalls the British news agency.
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2024-02-15 12:25:00
