Ford sells assets in joint venture to Sollers

MOSCOW, Oct 26 (PRIME) -- U.S. car giant Ford Motor has left the Russian market by selling its 49% stake in Sollers Ford – a joint venture with local car producer Sollers – to its Russian partner, who previously owned 51% in the joint venture, the company said in a statement on Wednesday.

Ford plans to sell the shares at the face value, and the deal encompasses a 5-year buyback option if the global situation changes, the company said.

A Sollers representative confirmed that the buyback of the stake had taken place.

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