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Mercedes-Benz will sell its Russian assets to a local investor

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Mercedes Benz will sell its shares in Russian subsidiaries to a local investor

German carmaker Mercedes-Benz is expected to sell its Russian assets to a local investor, Russia’s industry and trade ministry said on Wednesday, becoming the latest automaker to exit after Moscow sent troops to Ukraine.

“Mercedes-Benz intends to sell its shares in Russian subsidiaries to a local investor,” Autodom’s message on Telegram reads.

Mercedes-Benz confirmed its intention to sell in a separate statement.

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“Completion of the transaction is subject to the approval of all relevant authorities,” Mercedes-Benz said in a statement.

Neither side disclosed any financial details of the deal on Wednesday.

The technology and car manufacturing sectors were particularly affected.

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https://www.theaustralian.com.au/news/latest-news/mercedesbenz-to-sell-off-russian-assets-to-local-investor/news-story/fef79a47734015cd55cc1abdcb7f97bd

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