Daimler AG (DAI) plans to increase its stake in Russian truck manufacturer OAO Kamaz from 10% to 15%. The automaker is in negotiation with European Bank for Reconstruction and Development (EBRD) to jointly acquire the additional 5% stake in the truck maker. Initially, Daimler will increase its holding in Kamaz by one percent to 11%, while the remaining 4% would be bought by EBRD.

In late 2008, the Daimler Truck division bought a 10% stake in the leading truck company of Russia (with a market share of about 30%) for $300 million. The acquisition was part of a strategic cooperation agreement that brought together Daimler, Kamaz and the two of latter’s shareholders — the state-owned conglomerate Russian Technologies (includes aircraft, defense and car manufacturing holdings) and Moscow-based investment bank Troika Dialog.

The cooperation with Kamaz was a part of Daimler’s growth strategy by entering the Russian market as well as the BRIC (Brazil, Russia, India and China) countries. It was also aimed at mutually beneficial cooperation in the sphere of technology transfers and a series of joint projects.

In November last year, Daimler and Kamaz signed agreements to establish two 50/50 joint ventures — Fuso Kamaz Trucks Rus and Mercedes-Benz Trucks Vostok. The Fuso Kamaz Trucks Rus will produce and sell the light-duty Fuso Canter trucks by Daimler in Asia in the first quarter of 2010, while the Mercedes-Benz Trucks Vostok will market the heavy-duty trucks Incorporatedluding Mercedes-Benz Actros and Axor, in Russia in 2010.

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