Mercedes-Benz sold its stake in KAMAZ
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The German automobile company Mercedes-Benz Group has divested itself of its stake in the Russian automaker KAMAZ, which is under EU sanctions. A representative of Mercedes-Benz from Stuttgart officially confirmed the sale of 15 percent of the shares on Thursday, February 15. According to the statement, the transaction was closed in February with all necessary permits obtained and all contractual obligations fulfilled.
The buyer of the shares and the sale price were not disclosed. KAMAZ CEO Sergei Kogogin announced the sale of shares owned by the German company the day before, noting that Daimler Truck, part of the Mercedes-Benz Group, has ceased participation in the life of the enterprise since 2022.
Cooperation between Daimler Truck and KAMAZ was suspended four days after the outbreak of hostilities in Ukraine. This led to the stoppage of truck production at the DK Rus joint venture in Naberezhnye Chelny and the cessation of supplies of components.
The German truck manufacturer transferred its stake in KAMAZ to the parent company Mercedes-Benz Group back in 2021 for 132 million euros, which is reflected in the annual financial report of Daimler Truck, published in March 2022.
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