* Deal agreed in May, to be implemented in 2014
* Deal terms unchanged, sources say
MOSCOW Dec 6 Renault and Japanese
partner Nissan's $750-million deal to give the French
manufacturer effective control of Lada maker OAO AvtoVAZ
is expected to be signed next week, two sources close
to the Russian company said.
The deal to expand in the growing Russian car market was
agreed in May. The companies said at the time that the deal
would be finalised later this year and not implemented until
Under the May agreement Renault-Nissan would buy out
investment bank Troika Dialog's stake in AvtoVAZ to hold 67.13
percent of a joint venture with state-owned Russian Technologies
which, in turn, controls the automaker through a 74.5 percent
For $300 million, Renault would be swapping its current
25-percent direct stake in AvtoVAZ for an indirect 35-percent
holding. Nissan would pay a further $450 million for an
effective 15 percent stake. Renault owns 43.4 percent of Nissan,
which for its part holds 15 percent of the French carmaker.
Terms of the deal have not changed, the sources said.
International auto makers have been investing in Russia with
the expectation of bullish growth as the country's middle class
Germany's Volkswagen expects Russian auto sales
to grow by 12 percent to 2.75 million cars in 2012, the CEO of
the carmaker's Russian unit, Marcus Osegowitsch, said on
AvtoVAZ and Renault declined comment.
(Reporting By Gleb Stolyarov; writing by Megan Davies; Editing
by Lidia Kelly)