Mercedes dealer in Moscow
The German brand wants to withdraw from the Russian market.
(Photo: IMAGO/ITAR-TASS)
Carmaker Mercedes-Benz has secured a buyback option when selling its Russian assets to local auto retailer Avtodom. “We have agreed an option with the buyer that enables us to buy back the company’s shares if the sanctions are lifted,” said the Dax group on Wednesday. The Stuttgart car group, which stopped exports to Russia and local production at the beginning of March 2022, has thus come a step closer to withdrawing from the Russian market.
The buyback clause has become a popular option for automakers exiting the Russian market. Other car makers like Renault and Nissan, which sold their Russian businesses for symbolic sums last year, both had six-year buyback clauses in their sales contracts. Mercedes hopes that the contractual agreements, on which the conclusion of the transaction now depends, will be implemented quickly.
A Russian company register revealed that as of April 18, Avtodom owns 100 percent stake in Mercedes-Benz Capital Rus and Mercedes-Benz Manufacturing Rus. However, according to the Interfax agency, Avtodom itself said that the deal with Mercedes is not yet finalized and that it is working closely with the state authorities to finalize it. Avtodom did not immediately respond to a Reuters request for comment.
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