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Russia may sell 25 percent in carmaker AvtoVaz

From Automotive News | April 24,2007

Russia's state holding Rosoboronexport may sell 25 percent or more in carmaker AvtoVaz to a strategic investor, but would still keep control in it, Russian agencies reported today.

"We will be ready to sell a stake bigger than the blocking one to a strategic buyer," the agencies quoted the head of Rosoboronexport, Sergei Chemezov, as saying.

A stake of 25 percent or a "blocking stake" allows the holder to block significant decisions at the firm's board level.

Russian media have reported Renault SA was seeking a stake in AvtoVaz, but the deal never materialized.

AvtoVaz's executives have previously said the state might sell a big stake in the carmaker to attract funds for development in the next two years after Rosoboronexport finishes consolidating and restructuring the firm.

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