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Renault SA's and Nissan Motor Co. Ltd's Renault-Nissan To Sign Agreement on Purchase of Avtovaz OAO's Controlling Stake On December 12, 2012-RIA Vesti

Thursday, 6 Dec 2012 01:12am EST 

RIA Vesti reported that agreement for the purchase of controlling stake of Avtovaz OAO by Renault SA's and Nissan Motor Co Ltd's Renault-Nissan is to be signed on December 12, 2012. Currently, Avtovaz OAO's shareholders are Rostekhnologii, with a stake of 28.89%; Renault, with a stake of 25% and Sberbank KIB with a stake of 20.14%. Renault SA's and Nissan Motor Co Ltd's Renault-Nissan intends to create a joint venture with Rostekhnologii, which by 2014 will bring 74.5% of Avtovaz OAO's stake. Renault SA and Nissan Motor Co. Ltd will together invest about USD750 million to take a majority holding in the joint venture. They aim to complete the deal by 2014. 

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