02 June 2004 17:12
RENAULT WANTS A CONTROLLING STAKE IN AVTOFRAMOS
He was commenting on an announcement by sources in the Moscow
government that the City of Moscow and Renault recently reached an
PARIS. June 2 (Interfax) - France's Renault has confirmed that it is interested in acquiring a controlling stake
in the Russian-French joint venture Avtoframos, General Director of Avtoframos Jean-Michel Jalinier told Interfax.
agreement that Moscow would sell part of its shares in Avtoframos to Renault. Renault and the City of Moscow
currently have a 50-50% share in Avtoframos.
"If the City of Moscow will sell some of its shares, Renault will do everything possible to acquire them,"
Jalinier said.
He did not say how large the package was, but added that Renault and the City of Moscow in initial agreements noted
that Renault could later increase its stake to a controlling one. "These are existing agreements," Jalinier
said, noting that they mean Renault will become the owner of a controlling share package in Avtoframos in time.
Avtoframos currently produces Symbol cars and plans to start production of the new Logan model from the middle of
2005.
[Interfax] |
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