Mercedes-Benz to quit Russian market, sell shares to local investor

  • 📰 CTVNews
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 99%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Mercedes-Benz said on Wednesday it would withdraw from the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor, becoming the latest carmaker to exit the country.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Local investor:

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines