Sources close to the possible deal involving Daimler and truckmaker Kamaz say that the carmaker is in the market to potentially increase its stake from 10, to 25 percent. Daimler is in talks with the Moscow investment bank, Troika Dialog, to buy shares in Kamaz that would give Daimler an additional 15 percent ownership stake.
With the leaked news of the brewing deal Kamaz shares have risen 4.1 percent – putting the total value of the truckmaker at 51.8 billion rubles ($1.8 billion). At the current value, Troika Dialog’s share is valued at $270 million, which is similar to the price Daimler paid in late 2008 for a 10 percent stake in Kamaz.
Combined, Daimler and Troika Dialog own a 44 percent stake in Kamaz, and at this time have not yet determined a valuation for the stake. Prior to the recent surge in Kamaz’ stock price, several Russian media outlets speculated that the 15 percent stake could fetch somewhere in the neighborhood of $300 to $320 million.
In a discussion with Reuters, VTB analyst Valdimir Bespalov said, “If Daimler becomes a stronger strategic partner it would be good news for Kamaz – it would bring access to Daimler’s new technology and the benefit of building Daimler models in Russia.”
Neither Daimler or Kamaz have released any public statements in regards to the potential sale of stock as of Tuesday.
