MINSK, 22 September (BelTA) – The possibility of merging the Belarusian automobile engineering company MAZ and the Russian automaker KamAZ has been taken off the agenda, BelTA learned from Belarusian First Deputy Industry Minister Gennady Svidersky on 22 September.
The official said that no concrete steps to merge the two industrial giants are likely to occur. “The possibility is no longer on the agenda. What was offered did not suit MAZ's interests,” noted Gennady Svidersky. “There were plans to set up a company residing in the Russian Federation. Some MAZ shares were supposed to change hands. But the terms didn't exactly satisfy MAZ.”
Gennady Svidersky reminded that a program to develop Minsk Automobile Plant (MAZ) is in progress. Investors are being sought to implement a number of the projects the program stipulates. Negotiations are in progress with the Chinese company Zoomlion and European partners. “We are negotiating with KamAZ as well but some sort of a strategic merger is out of the question,” concluded the Belarusian First Deputy Industry Minister.
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