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Daimler to Increase Stake in Russian Maker Kamaz

The Russians are on western technology shopping spree.

by on Feb.11, 2010

In back, Vladimir Putin, Prime Minister of the Russian Federation. (from left to right) Serguei Skvortsov, Managing Director, Troika Dialog, Andreas Renschler, Daimler Board of Management member responsible for Daimler Trucks & Daimler Buses, Serguei Chemezov, General Director of Rostechnologii State Corporation and Chairman of the Board of Directors of OJSC Kamaz, Serguei Kogogin, General Director of Kamaz.

In back, Vladimir Putin, Prime Minister of the Russian Federation. Seated left to right, Serguei Skvortsov, Managing Director, Troika Dialog, Andreas Renschler, Daimler Board of Management, Serguei Chemezov, General Director of Rostechnologii State Corporation and Chairman of the Board of Directors of OJSC Kamaz, Serguei Kogogin, General Director Kamaz.

Daimler AG and Russia’s largest  investment bank, Troika Dialog, have signed a memorandum of understanding to increase  Daimler’s stake in Russia’s largest truck manufacturer, Kamskiy avtomobilny zavod, by the acquisition of 5% of the Kamaz shares held by Troika Dialog.

The price of the transaction was not disclosed. Kamaz has about 50,000 employees and $1 billion in annual revenue.

The announcement came on the  same day as Fiat entered an agreement with Russian automaker Sollers to share technology and build as many as 500,000,  small cars and SUVs in eastern Russia.

Under this heavy duty truck plan, the European Bank for Reconstruction and Development (EBRD) would also  become a Kamaz shareholder.

If all the EU regulatory approvals are obtained, the Daimler and EBRD acquisitions would be made in parallel. No such regulatory impediment exists in Russia, as the presence of Vladimir Putin, Prime Minister of the Russian Federation, at the signing ceremony confirms.

The Germans, once again, head east.

Daimler AG will initially increase its holding in Kamaz by 1% to 11%. The remaining 4% of the deal would be bought by the EBRD. The EBRD would also get a seat on the Kamaz board of directors.

Daimler already has a seat on the Kamaz board, the result of a strategic partnership with Kamaz, Russian Technologies and Troika Dialog signed in December 2008.

Daimler acquired a 10% stake in Kamaz just as the global Great Recession took hold and the Russian  auto market collapsed to half its former size.

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Heavy Duty!

“The planned increase of our stakes in Kamaz is strengthening the strategic partnership of Daimler Trucks at KAMAZ,” said Andreas Renschler, Daimler Board of Management member responsible for Daimler Trucks and Daimler Buses.   (more…)

Russians Put 50 Billion Rubles into Failing Lada

Renault keeps 25% stake. Offers more technology transfers.

by on Nov.30, 2009

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Lada’s Togliatti plant will expand by about 200,000 vehicles to 900,000 annually.

Renault, government-owned Russian Technologies and Troika Dialog, an investment bank, have signed a memorandum of understanding to reorganize heavily indebted AvtoVAZ, a maker of more than a dozen models, and best known in the west for its Lada brand.

The pending deal, due to close by March 1, will expand Lada’s Togliatti plant by about 200,000 vehicles to 900,000 annually by 2015. It allows AvtoVAZ, in theory, to sustain its Russia auto market share at about 25%, while developing what are thought to be ambitious export operations.

It was only a short while ago that the Russian car market experienced rapid growth to 2.7 million vehicles in 2007. That was when Renault invested $1 billion TK € for its 25% stake in AvtoVAZ.

However, this was pre-financial crash and the ongoing global Great Recession caused by it, which is in the process of drastically altering the auto business, among other industries. In Russia, sales plunged in 2008 to 1.45 million units. Sales are running at about 1.6 million units annually this year — making Renault’s previous planning assumptions of 3.2 million units in 2008, and 4 million vehicles annually by 2014 seem, well, absurd. If it ever happens that would make Russia the largest car market in Europe.

It was the Russian government’s desire to make its auto industry a global player that caused the Opel sale to collapse.

Пожалуйста!

Пожалуйста!

Ultimately, the GM Board of Directors rejected the planned sale of Opel to Magna and Russian Sberbank in early November because it bolstered Russian vehicle sales by using its technology while restricting access of GM’s Chevrolet brand in the huge market and with, apparently, shaky or disingenuous safeguards on intellectual property rights.

AvtovVaz – City of Togliatti, Russia

Soon to be an automotive export hub?

(more…)