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Business

Volkswagen, Siemens, EADS Eye Russia

Germany's Volkswagen carmaker and electronics giant Siemens as well as the European Aeronautic Defense and Space Company (EADS) are planning major investments in Russia, which could be sealed on the sidelines of German-Russian consultations in Hamburg next week, the economic daily Handelsblatt reported in its Friday edition. Quoting government officials and sources close to the companies, it said Volkswagen was likely to sign a letter of intent in Hamburg Monday on the sidelines of the Russian-German government consultations for establishment of a car assembly plant near Moscow. Siemens is meanwhile planning to set up a joint venture with the Russian group Interros to manufacture turbines, the paper said. Meanwhile EADS, which owns 80 percent of Airbus Industrie, plans to take a 10 percent stake in the capital of the Russian combat aircraft manufacturer Irkut for $55 million (€33 million) and to boost industrial cooperation with the Russian partner. Irkut, the first Russian aeronautics group to be listed on the Moscow stock exchange since last March, is valued at €432 million. German Chancellor Gerhard Schroeder and Russian President Vladimir Putin are to huddle in Hamburg Monday and Tuesday for talks on European policy, bilateral economic ties, the aftermath of the political crisis in Ukraine and Germany's bid to become a permanent member of the UN Security Council.

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