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Mercedes-Benz, Daimler Truck say cannot confirm talks on Russian stake sale – Metro US

Mercedes-Benz, Daimler Truck say cannot confirm talks on Russian stake sale

FILE PHOTO: Mercedes-Benz logos are seen at the company’s vehicle
FILE PHOTO: Mercedes-Benz logos are seen at the company’s vehicle assembly plant in Chakan

(Reuters) -Daimler Truck and former parent Mercedes-Benz on Wednesday said they could not confirm talks on a possible sale of Mercedes-Benz’s stake in Russian vehicle and engine maker Kamaz to top shareholder Rostec, dismissing an earlier report.

TASS news agency had cited Rostec CEO Sergey Chemezov as saying it was in talks with Mercedes-Benz to acquire the carmaker’s stake in Kamaz.

“We cannot confirm the TASS report,” a Mercedes-Benz spokesperson said. “As far as we are aware there are no talks ongoing with Rostec,” a Daimler Truck spokesperson added.

Rostec holds 49.9% of Kamaz shares, according to Kamaz’s website. Mercedes-Benz, formerly Daimler AG, holds 15%. The remaining 20.81% are held by Cyprus-registered company Avtoinvest.

Avtoinvest could not immediately be reached for comment.

Mercedes-Benz AG, which at the time was Daimler AG, took over a 15% stake in Kamaz from Daimler Truck in September 2021 with a view to returning it to Daimler Truck after the truckmaker was spun off from the carmaker in December last year.

After the spin-off, Daimler AG was renamed Mercedes-Benz AG.

However, approval was needed from Russian regulators, as well as Kamaz’s other shareholders, before the share could be returned to Daimler Truck, its CEO Martin Daum said in late March.

A spokesperson for Mercedes-Benz said talks with Russian regulators had not been finalised.

Like many other companies, Daimler Truck froze its business in Russia in February following Moscow’s military operation in Ukraine, suspending its joint venture with Kamaz, which produces trucks, buses and Mercedes-Benz passenger cars.

(Reporting by Reuters; Additional reporting by Victoria Waldersee and Ilona Wissenbach; Editing by Jan Harvey, Christoph Steitz and Barbara Lewis)

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