Mercedes To Sell Operations And Exit Russia

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Mercedes-Benz Group AG is in the process of selling its activities in Russia to local investor Avtodom with a final deal currently under review by authorities, the car maker’s finance chief said on Wednesday.

The German auto maker’s Chief Financial Officer Harald Wilhelm said in a results call with analysts that there wouldn’t be any additional effect on profit other than what’s been disclosed.

So far this year, the car maker took a hit of 709 million euros ($797.4 million) related to the Russia business, a spokesman told Dow Jones Newswires, declining to comment on a potential price for the divestment.

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