German carmaker Daimler is in talks to increase its stake in truckmaker, Interfax reported, citing Daimler executive vice president Hubertus Troska.
“There are two parties in the talks: a buyer and a seller. We are interested in increasing our stake in KamAZ,” Troska was quoted on Friday as saying in Naberezhniye Chelny, where KamAZ is based.
Troska said he could not put a time frame on the talks, Interfax added, and did not specify who the seller was.
A spokesman for Daimler told Reuters that the firm “currently has no offer” to raise its stake.
Daimler has an 11 percent stake in Russia’s top truckmaker, while the European Bank for Reconstruction and Development has 4 percent.
A source close to KamAZ shareholders said in January that investment bank, owner of 27 percent of KamAZ, may offer Daimler another 10 percent stake.
Head of Daimler Trucks Andreas Renschler told Reuters on Tuesday that he “could imagine raising” the stake.