Russia's Troika cuts Kamaz, AvtoVAZ stakes

(chinatrucks.com, Dec.28, 2009)Russian brokerage Troika Dialog has reduced its stakes in truck maker Kamaz (KMAZ.MM) and car manufacturer AvtoVAZ (AVAZ.MM), earning at least $174 million for the shares, Kommersant business daily reported on Dec 24.

The sale paved the way for South Africa's Standard Bank (SBKJ.J) to increase its holding in Troika to over 36 percent from 33 percent, unnamed banking sources told Kommersant.

Troika confirmed to Reuters that Standard Bank had raised its holding in Russia's oldest brokerage.

"Standard Bank used its right to increase its stake according to the agreements which were tied to the value of certain Troika Dialog investments ... A further stake increase is not planned," a spokeswoman said.

She declined to specify which assets were involved.

Sources told Kommersant the AvtoVAZ and Kamaz shares were bought by other stake holders. Troika owned 44 percent of KamAZ, while state corporation Russian Technologies had 37.8 percent.

Germany's Daimler (DAIGn.DE) had 10 percent and was in talks with Troika over increasing this [ID:nLDE5BH1G9], but sources told Kommersant that Daimler was not the buyer this time.

AvtoVAZ, for its part, is 25-percent owned by France's Renault (RENA.PA). Russian Technologies and Troika also each own a quarter of the troubled company, which has been hard hit by falling demand during Russia's first recession in a decade.

A source at the state corporation told the paper that Russian Technologies did not buy any shares of either company from Troika.

Troika's other assets included an eponymous banking unit, which it sold to Kazakh Eurasian bank EUBN.KZ earlier this month for an undisclosed sum.

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