The Russian Federal Anti-Monopoly Service (FAS) has allowed German auto giant Daimler AG to increase its stake in Russia’s largest truck producer, Kamaz, to 25 percent plus one share, the antitrust watchdog said on Monday.
“The transaction … will not restrict competition. The FAS has decided to grant this request,” the anti-monopoly watchdog said in a statement.
Daimler held 15 percent in Kamaz prior to the antitrust watchdog’s decision and applied to acquire another 10 percent plus one share to bring it to a blocking stake.
KamAZ is the world’s eleventh largest truck maker and the eighth largest producer of diesel engines. KamAZ has 96 plants that produce more than 30 models of trucks, as well as trailers, buses, tractors and spare parts. It also manufactures engines, power units, and components.
KamAZ heavy-duty trucks have won the Paris-Dakar rally on several occasions.