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Belarus, Russia fail to agree on MAZ-KAMAZ merger 8

13:39, — Economics

Belarus, Russia fail to agree on MAZ-KAMAZ merger

Russia insists on transferring shares of the two companies to the holding company.

Minsk and Moscow have failed to agree on the conditions of setting up MAZ-KAMAZ alliance. The statement was made on May 21 by Belarusian first deputy PM Uladzimir Siamashka, who answered questions of journalists in Minsk, BelaPAN reports.

The working group held meetings for about 10 days and hasn't come to an agreement yet. The topic will be discussed again in Saint Petersburg on May 23, he said.

According to Uladzimir Siamashka, the parties have certain differences that don't allow reaching a compromise on the power of the holding company management.

<>The Belarusian party suggests solving all issues in the framework of the holding company that will control MAZ and KAMAZ, the Belarusian deputy PM said. The Russian party, according to him, thinks it is impossible to set up the holding company without transferring shares of the two companies to it. The Russian party is ready to set up the holding company only if MAZ and KAMAZ transfer their shares to the company, Siamashka said.

In early 2013, Belarus and Russia approved five projects in the industrial sector to set up joint Belarusian-Russian companies. It was supposed that the joint companies will involve the Minsk Wheel Tractor Plant and organisations of Russia's defence and industrial sector; Belarusian MAZ and Russian KAMAZ; Roscosmos organisations and Belarusian Peleng plant; Grodno Azot company and Russian Eurochem; Belarusian Integral plant and Ruselectronics.

None of the projects has been implemented yet.

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