Ford to get controlling interest in JV with Russia’s Sollers

MOSCOW, Apr 10 (PRIME) -- Ford Motor Company will receive a controlling interest in Ford Sollers, a joint venture with Russian carmaker Sollers, in exchange for the purchase of preferred shares, according to a Sollers’ financial report for 2014 released on Friday.

On March 31, the companies reached agreements on certain changes to the joint venture’s structure, under which Ford will provide additional funding to the joint venture and obtain a controlling interest in it.

“Under agreed changes to the joint venture structure and shareholders agreement, Ford will obtain a controlling interest in the joint venture through the acquisition of preferred shares, with the 50/50 split of the ordinary shareholder structure unchanged,” Sollers said in a statement.

“In addition the agreements provide for certain future rights for the partners to redeem Sollers 50% interest in the joint venture at a minimum predetermined value payable at the date of redemption,” the statement read. The value is now estimated at U.S. $135 million, according to the report.

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