Daimler AG is buying a 10 percent stake in Russian truck maker OAO Kamaz under a $300 million deal signed Friday, the head of the German company's truck division and other officials involved said.
The purchase is part of a strategic cooperation agreement bringing together Daimler, Kamaz and two of the truck company's shareholders, state-owned conglomerate Russian Technologies and investment bank Troika Dialog.
"Daimler now has 10 percent of Kamaz," Daimler truck business head Andreas Renschler said after the signing ceremony in Moscow.
"We don't know how long this crisis will last, but when the global economy gets back on track, the world will need new trucks," Renschler said.
The 10 percent stake changing hands under the deal was owned by Troika Dialog. Daimler will pay $250 million this month and $50 million in 2012 if the partnership is successful, Troika Dialog chief Ruben Vardanyan said.
The Stuttgart, Germany-based Daimler started negotiations earlier this year with Troika Dialog. It had said it was considering buying a 42 percent stake, but later reports said it had lowered its sights.
Kamaz is Russia's leading truck company, with a market share of about 30 percent. It sold more than 53,000 trucks in 2007 and had $3.8 billion in revenue.
