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Japan's Nissan this month took a $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.
Mercedes Chief Financial Officer Harald Wilhelm, while
presenting third-quarter results, said the transaction was not
expected to give rise to any further significant effects when it
comes to the group's profitability and financial position beyond
those reported in previous quarters.
"Final completion of the transaction is subject to the
authority's approval and the implementation of contractually
agreed conditions," he added.
Both Nissan and Renault included six-year buyback clauses.
Russia's Vedomosti daily cited a source as saying that the
Mercedes deal may include a similar clause.
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.
Avtodom said it would select a technology partner to continue
operating the production facilities at the Esipovo industrial
estate northwest of Moscow, where Mercedes-Benz has a production
plant.
"The main priorities in agreeing the terms of the transaction
were to maximise the fulfilment of obligations to clients from
Russia both in terms of after-sales services and financial
services, as well as preserving jobs of employees at the Russian
divisions of the company," Natalia Koroleva, CEO of
Mercedes-Benz Rus, said in a statement.
Mercedes suspended manufacturing in Russia in early March.
The Association of European Businesses (AEB) said 9,558 Mercedes
vehicles were sold in Russia from January to September, down
72.8% from a year earlier.
(Reporting by Victoria Waldersee, Gleb Stolyarov and Alexander
Marrow; editing by Andrew Heavens and Jason Neely)
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