At stake in Kamaz, which is owned by a consortium of investors led by Ruben Vardanian, new applicants. Previously, the only potential buyer of the securities that are now worth on the stock exchange about 9 bln., Was considered "exclusive strategic partner" German Daimler factory, but now it is about redemption of shares VEB, Russian Direct Investment Fund or major shareholder of KAMAZ "Rostec". Negotiations with the Germans dragged on, they offer a good price too, and the government prefers to hold the package until better times.

Yesterday CEO "Rostec" Sergei Chemezov said that 23.54% of the shares of KamAZ, which through the Cypriot offshore companies owned by a consortium of investors led by the ex-president, "Troika Dialog" Ruben Vardanian can not sell the German automaker of Daimler, as expected so far. "We have offered to either EBV or RDIF, or we, if we give the money, bought the shares", - said the "Interfax", Mr. Chemezov. Now 20.81% of Kamaz shares owned by the Cyprus Avtoinvest Limited, still owns 2.73% Decodelement Services Limited. In late December, after Vladimir Putin's statements about the needdeofshorizatsii economy, Kamaz general director Sergei Kogogin said automobile shareholders "held discussions and decided to start legal to transfer ownership of shares in the procedure of the Russian jurisdiction."

But according to sources, "b", statement by Sergei Chemezov, "it is not just about the transfer of shares from one jurisdiction to another." One of the interlocutors "Kommersant" says that "used to be a single linear direction - to a deal with Daimler", but now "if the shares buy back any Russian state-owned company, the Daimler package can be offered in the first stage, which will allow the concern to increase its share only to be blocked. " Now Daimler owns 11% stake in Kamaz, a further 4% in its interest owns Bank. Thus, it is necessary to achieve a blocking 10% of the shares. "The remaining 13.5% of the former package" Troika "can stay as long as the Russian side as in a kind of portfolio investor," - says the source "b", stating that the final decision yet.

"Troika Dialog" (now Sberbank CIB, after the sale of investment shares of Sberbank Kamaz stayed at consortsiuma investors headed by Mr. Vardanyan) began to consolidate the shares of Kamaz ten years ago. In 2008, Daimler bought a 10% stake in the investment company for $ 250 million two years later - is still 1% and the Bank - 4%. Daimler has always been considered as a strategic parter of KamAZ, the same Renault-Nissan alliance to AvtoVAZ. In July, the managing director of "Rostec" on investments, Sergei Skvortsov said in an interview with "Vedomosti" that "the emergence of a new industrial partner Kamaz shareholding excluded - Daimler is the exclusive strategic partner".

Last summer, Sergei Chemezov informed that negotiations with Daimler planned to finish "before the end of the year." This confirms and Sergei Skvortsov. Then, according to Sergey Chemezov, it was assumed that Daimler consolidates "somewhere 42-45%", but would like to "get even control." Near the "Rostec" in 49.9% of Kamaz. Another 3.72% in KAMAZ subsidiary OOO "Financial Leasing Company KAMAZ".

One of the sources of "Kommersant" explains the change in the situation that "KAMAZ indicators are improving from year to year, so there was an idea to look not abouthundred industrial investor and financial: an additional package will be available in the future to sell considerably more profitable than the current market conditions. "The source adds that" in such a configuration will take into account the interests of the consortium of investors, which has long interested to sell its stake, and of Daimler, which It is a strategic partner of KAMAZ and wants to increase its share, and the state. "In the Daimler declined to comment on the statement by Sergei Chemezov, stressing only that happy with cooperation with KAMAZ. Phone Ruben Vardanyan yesterday did not answer.

Sources "Kommersant" in the middle of last year, said that "talks with Daimler are generally positive, but you need to negotiate packages assessment accurately and not to sell too cheap." According to the source "b", the cause of the next delay could be just the evaluation of securities. Uncertainty arose including due to protracted negotiations with Belarus on possible unification of KamAZ and MAZ. But yesterday, Sergei Chemezov, said: "Unfortunately, we can not agree on the Belarusian side for the price."

And he added:"Uncertainty causes a loss of interest on our part." He recalled that the assessment of KamAZ and MAZ carried out "twice", but "market conditions have changed dramatically," and "it is necessary to carry out re-assessment and simultaneously." What is now a consortium of investors want to gain for the paper source "b" do not know. One of them only adds that if the stock is to buy "Rostec", the fund may deal directly through the state, "one of the available mechanisms", as well as state-owned banks. Yesterday capitalization of Kamaz on the Moscow Stock Exchange amounted to 37.9 billion rubles., The share price increased by 5.3%, to 53.7 rubles. a piece. Thus, based on the market capitalization, 23.54% can cost about 8.9 billion rubles.

However, the sources "b" point out that "given the strategic importance of the enterprise, it will be sold, likely at a premium to the market." VEB and the Russian Direct Investment Fund declined to comment. Managing Partner EURussia Partners Ivan Bonchev agree that the stumbling block in negotiations with Daimler could become just the price. He believes it is a workable option, in which conCERN, at least initially, will buy only a part of the package, and for the remaining shares of the state will continue to bargain with him.