FRANKFURT (AP) -- Germany's Daimler AG said Thursday it has signed a memorandum of understanding to buy shares in truck maker Kamaz Inc. from Russian bank Troika Dialog.
Daimler, based in Stuttgart and the world's biggest truck maker, said it and the European Bank for Reconstruction and Development are in talks to buy a 5 percent stake in Kamaz. Daimler would lift its own stake from 10 percent to 11 percent while the EBRD would buy 4 percent.
The sale price was not disclosed.
Stuttgart-based Daimler acquired a 10 percent stake in Kamaz under a deal signed last December. It has been eager to enter the Russian truck market, citing its potential for strong growth.
"The planned increase of our stakes in Kamaz is strengthening the strategic partnership of Daimler Trucks at Kamaz," said Andreas Renschler, who oversees Daimler Trucks and buses.
He called it a strategic step for the company.
Daimler shares were down 2.7 percent to euro32.70 ($44.86) in Frankfurt trading amid a decline in the wider market.