Daimler buying 10 per cent of Kamaz

MOSCOW: Russian news agencies say Daimler AG is buying a 10 per cent stake in Russian truck maker Kamaz.

State-run RIA-Novosti and Interfax say Daimler and Kamaz officials confirmed the deal Friday.

RIA-Novosti cites Sergei Chemezov, the head of Russian Technologies, as saying Daimler is paying $250 million. State-owned conglomerate Russian Technologies is a major shareholder in Kamaz.

The Stuttgart, Germany-based Daimler started negotiations earlier this year with the Russian investment company Troika Dialog. It had said it was considering buying a 42 per cent stake, but later reports said it had lowered its sights.

Kamaz is Russia's leading truck company, with a market share of about 30 per cent. It sold more than 53,000 trucks in 2007 and had $3.8 billion in revenue.