Final Conclusion of Stake Increase in Kamaz
* Implementation of the Memorandum of Understanding (MoU) of February 2010
Russian Technologies, Daimler AG, the European Bank for Reconstruction and Development (EBRD), Troika Dialog, and Kamaz yesterday jointly announced the successful signing of a deal under which Russian Technologies, Daimler AG, and the EBRD each have increased equity stakes in the Russian heavy-truck manufacturer Kamaz. On February 11, 2010, the strategic partners had signed a memorandum of understanding (MoU) governing the increase of the equity stakes. Its implementation has now led to a further strengthening of the strategic partnership.
Under the terms of the deal, Russian state corporation Russian Technologies acquired a 12.12 percent stake in Kamaz. Russian Technologies’ share in Kamaz following the deal has increased to 49.9 percent.
Separately, Daimler AG, acting as a strategic partner, has acquired a 1 percent stake in Kamaz. The European Bank for Reconstruction and Development (EBRD), in close partnership with Daimler AG, has acquired a stake in Kamaz as a part of the long-term strategic plan agreed with the company’s main shareholders and management.
About Russian Technologies State Corporation
Russian Technologies State Corporation was founded in 2007 pursuant to the Federal Law of the Russian Federation. The Corporation is designed to assist Russian organizations-developers and manufacturers of high technology industrial products in their development, production and exports by providing support in domestic and foreign markets and attracting investments to different industries including defense industrial complex.
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