Alliance Rostec Auto has acquired more than 96% of Avtovaz

Alliance Rostec Auto has acquired more than 96% of Avtovaz

 

Vedomosti. – Alliance Rostec Auto BV, the joint venture of Rostec and Renault-Nissan, has announced that the share of the company in the capital of Avtovaz has risen to 96.6% from 83.5%. 13.1% shares have been purchased from minority stakeholders, according to the company statement.

The general director of Rostec Chemezov has announced the imminent delisting of Avtovaz, on the other hand. According to Chemezov, the shareholders will conduct further recapitalisation of the company.

The share of Alliance Rostec Auto rose to 83.5% from 64.6% this spring, following the second stage of the recapitalisation of Avtovaz. Avtovaz may go ahead with delisting when the Alliance acquires 100% shares of the car manufacturer as a result of the offer and compulsory repurchase of shares, as told by the senior vice-president of Renault Group and the director of Eurasian region Maure, at the end of August 2018.

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