Russian Technologies state corporation has proposed merging the country's largest truck maker KamAZ and Belarus' state-run Minsk Automobile Plant in a holding company, Russian Technologies head Sergei Chemezov said on Tuesday.
After the possible merger, KamAZ would own 100% of MAZ, a heavy-load vehicles producer, while the Belarusian government would have a stake in KamAZ. Chemezov said that Belarus was unlikely to have a blocking stake in KamAZ. The stake will depend on MAZ's value, which has not been established yet. Chemezov said KamAZ planned to issue shares for the merger, adding that KamAZ shareholders Daimler and the European Bank for Reconstruction and Development were not against the merger.
KamAZ General Director Sergei Kogogin has said that the company expected to increase the production of engines, gearboxes and axles after the merger with MAZ.
Belarus' State Property Management Committee said on Tuesday that MAZ is valued at $2.5 billion.
