July 2, 2018 / 4:17 PM / 9 months ago

Renault launches mandatory offer for remaining Avtovaz shares

The Renault automaker company logo is displayed on the front of a car dealership in Bordeaux, France, June 19, 2018. REUTERS/Regis Duvignau

PARIS (Reuters) - Renault’s (RENA.PA) Russian arm has launched a mandatory offer to buy out the remaining shareholders in Russian automaker Avtovaz, the French carmaker said on Monday.

Alliance Rostec Auto - of which Renault owns 61.1 percent in partnership with Russia’s Rostec - raised its stake in Avtovaz to 83.5 percent from 64.6 percent in May, taking its holding above the 75 percent level where Russian law requires a mandatory tender offer to be launched for minority shareholders.

Renault said its offer would run to Sept 10 and be priced at 12.40 rouble/share for common shares and 12.20 rouble for preferential shares.

Reporting by Gilles Guillaume; Writing by Geert De Clercq; Editing by Mark Potter

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