KAMAZ and MAZ agreed to establish a joint venture on a parity basis

"Russian Technologies" and the Belarusian authorities after one and a half years of negotiations reached an "agreement in principle" on the merger of KAMAZ and MAZ. About this newspaper "Kommersant" said CEO KAMAZ Sergey Kogoghin, adding clarifying talks are ongoing.

According to him, most likely in the joint venture "Rosbelavto" the government of Belarus will make 75% minus 1 share of MAZ, and the "Russian Technologies" — 49.9% stake in KAMAZ. "Probably the first joint venture will still be created on an equal footing, but because KamAZ objectively worth more MAZ, will be provided an option to buy 25% of" Rosbelavto "" Russian Technologies ", — said Mr. Kogoghin. As a result, the share of state-owned corporation in the holding will increase to 75%, and it gained control of MAZ. Mr. Kogoghin explained that the option can be implemented, "for example, two years" after the establishment of the joint venture.

The head of the state corporation "Russian Technologies" Chemezov confirmed that the last sentence, which was — is entering into the joint venture "Rosbelavto" 75% of the shares and 49.9% of MAZ KAMAZ shares. However, according to Sergei Chemezov, the Russian side made a new estimate of KAMAZ and MAZ. Now 100% stake in KAMAZ estimated at 2.5-2.6 billion dollars, and 100% of MAZ — 1.6-1.7 billion dollars. "The Belarusian side insists on the creation of the joint venture on a parity basis, but we are against this option, because if we invest in the joint venture its 49.9%, which is significantly more than their 75%", — said Sergey Chemezov. He added that the deal "discussion" and "not a fact that will be closed by the end of the year."

Sources familiar with the situation, explain that "the configuration, when a parity joint venture paid a large share of MAZ and KAMAZ than was initially apparent." But the Belarusian authorities insisted on par and were not willing to give control to the Russian side, "so to come to a consensus as a result of a compromise decision on the phased delivery of control." As a result, the Belarusian side will be the blocking that will allow operational control solutions "Rosbelavto" in the future. Sources suggest that in the future Belarus may sell a blocking stake and MAZ. In 2011, Minsk consider the option of selling it, "GAZ Group".

Analysts point out that the union KAMAZ and MAZ may be beneficial to both companies, given that the transaction is in the first stage, in fact, monetary, and the growth of the truck market is slowing down. First of all, it's fun for MAZ from the point of view of obtaining technology from KAMAZ, which cooperates with Daimler. In this case, KAMAZ will receive additional capacity, which may make it more attractive for Daimler. In June, the executive director of "Troika Dialog" Sergei Skvortsov said that Daimler, which, together with the EBRD holds a 15% stake in KAMAZ, to complete the deal to increase its stake to 25% in early 2013.

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