Renault-Nissan will get control over OAO AvtoVAZ through a joint venture with Russian Technologies

 

May 3, signed an agreement to establish a new joint venture that will own 74.5% of "AvtoVAZ". The Alliance is comprised of companies Renault-Nissan, "Russian Technologies" and "Troika Dialog". In a joint venture Renault-Nissan will get 67.13%. In this case, the agreement is not legally binding, and the deal is expected to close by mid-2014. Under the agreement, Renault, which owns a 25 per cent in 2008, "AvtoVAZ", will invest about $ 300 million. Nissan, which is not a shareholder of the manufacturer Lada, will invest $ 450 million.

PS Yes, I sure many will "poke" to "the agreement is not legally binding," but one: the concern already owns part of the shares, the Company is interested in buying a controlling stake (auto wounds Russia 3rd largest after the United Kingdom and Germany, AvtoVAZ the largest car plant in Russia’s largest carmaker in Eastern Evroppe

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