Interfax cited Mr Sergei Chemezov Rostechology chief as saying that a deal that increases Daimler stake in Russian truck-builder OJSC KamAZ has been closed.

Mr Chemezov said Daimler purchased 1% and the European Bank for Reconstruction and Development 4% of KamAZ shares back in early February. Daimler and the EBRD have thereby increased the stake in KamAZ to 15%.

The price tag on this was not revealed, but Chemezov did say it was about the same price Daimler paid for KamAZ stock in 2008, when the entire truck-builder was valued at USD 2.5 billion.

Until this deal Daimler had a 10% stake in KamAZ, which it bought from a consortium of KamAZ shareholders led by Troika Dialog that held a 54.4% stake in the truck plant. That deal cost Daimler USD 250 million, and if KamAZ financials for 2010 are positive, the buyer will have to pay the seller another USD 50 million.

(Sourced from Interfax)