Russia’s leading truck maker Kamaz saw its stock jump more than 8 percent in MICEX-RTS trade on Monday, after reports that an anti-trust watchdog had allowed German auto giant Daimler AG to increase its stake in the firm to 25 percent plus one share.
As of 16:24 p.m. Moscow time (12:24 GMT), Kamaz stocks were up 8.45 percent and are currently trading at 49.69 rubles ($1.65) per share.
“The transaction … will not restrict competition. The Federal Anti-Monopoly Service has decided to grant this request,” Russia’s 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.