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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