FRANKFURT, Germany (AP) -- Daimler AG's truck unit is still looking at acquiring a stake in Russian truck maker Kamaz Inc. and expects to make a decision by year-end, Daimler said Wednesday.
Daimler notified the German Federal Cartel Office on Dec. 5 that it is still interested in a stake, according to the cartel office's Web site. Financial details were not revealed.
Daimler spokeswoman Silke Walters said the notification was a normal procedure and that a final decision will be made later this month.
The Stuttgart-based company started negotiations in the second quarter of 2008 with the Russian investment company Troika Dialog, which wants to sell its 42 percent stake in Kamaz.
Kamaz is based in Naberezhnye Chelny, in the west of Russia, and is regarded as Russia's leading truck company, with a market share of about 30 percent. It sold more than 53,000 trucks in 2007 and had $3.8 billion in revenue.
Daimler has said it was interested in combining the two companies' development, production and sales expertise, and might also build a new factory in Russia to assemble Daimler trucks.
According to Daimler's Web site, Russia has become Europe's largest truck market, with total sales of more than 154,000 trucks over 6 tons in 2007. Sales of new trucks in Russia are expected to increase about 20 percent over the next two years. The sales growth is being driven by demand for heavy-duty trucks in particular, Daimler said.
Daimler Trucks sold 1,300 new vehicles in Russia last year, an increase of 58 percent from 2006. The division is expanding its Russian sales and service network, increasing the number of Mercedes-Benz service stations from 30 to 48 between 2008 and 2010.
Shares of Daimler were trading down 0.3 percent at euro25.59 ($33.01) in Frankfurt afternoon trading.
AP Business Writer Oliver Schmale contributed to this report from Stuttgart.
