Japan's Nissan this month took a US$687 million loss in handing over its business in Russia to a state-owned entity for one euro, mirroring an earlier move by Renault which sold its majority stake in Russia's Avtovaz for one rouble.Mercedes-Benz Russia said shares in the local subsidiaries would be sold to car dealer chain Avtodom.
"Final completion of the transaction is subject to the authority's approval and the implementation of contractually agreed conditions," he added. A Mercedes spokesperson said the company's 15% stake in Russian truckmaker Kamaz would not be affected by the intended transaction and should be transferred to Daimler Truck this year as planned.
Local investor:
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