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One of Russia's most senior officials for industry said Thursday that Russia's largest auto-making companies could merge
One of Russia's most senior officials for industry said Thursday that Russia's largest auto-making companies could merge. "The amalgamation of Russia's largest automakers is possible, but these processes should occur naturally, without any forced measures," Boris Alyoshin, the head of the Federal Agency for Industry, said in answer to a question on whether AvtoVAZ [RTS: AVAZ], GAZ [GAZA] and Kamaz [KMAZ] could merge. "Kamaz operates as a self-sufficient company, so we could talk about an alliance of car manufacturers," Alyoshin said referring to Russia's leading truck maker. He praised Kamaz's development strategy - he called it "absolutely right and positive" - and said the auto-giant was a modern and dynamically developing enterprise. Kamaz chief Sergei Kogogin said his company planned to remain an independent truck designer and manufacturer. But he added that this "independence" did not mean there would be no new alliances with leading global manufacturers of auto-components. Russia's economic development and trade minister said Monday that Kamaz would conduct an initial public offering in Russia and abroad in early 2008. "We have not given up our IPO plans. This can be done in early 2008," German Gref told an investment forum in the capital of the Volga republic of Tatarstan. He said the IPO strategy for Kamaz, which was founded in 1976 and whose heavy-duty trucks have won the Paris-Dakar rally on many occasions, was yet to be finalized.
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