ST. PETERSBURG, Jun 7 (PRIME) -- Russian state industrial corporation Rostec plans to sell around 8% shares in Alliance Rostec, which owns the country’s largest car maker AvtoVAZ, to Renault for 10 billion rubles, reducing its interest to 25%, Rostec CEO Sergei Chemezov said Friday at the St. Petersburg International Economic Forum.
“We plan to reduce our stake in the joint venture (Alliance Rostec Auto B.V., the owner of 100% in AvtoVAZ) to 25% from 33% by selling a part of our stake to the French (Renault). An extra share offering is planned after that. We will invest proceeds from the sale of the stake – and this is over 10 billion rubles – in the development of AvtoVAZ. The French partners will also invest their funds – approximately in the 1:3 ratio,” he said.
(65.2340 rubles – U.S. $1)
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