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30/06/2014
16:21
M&A: Renault-Nissan completes acquisition of AvtoVAZ shares

On June 18, Renault-Nissan completed the acquisition of a controlling stake in AvtoVAZ, Renault-Nissan Chairman Carlos Ghosn stated for the Vedomosti newspaper.

The Renault-Nissan alliance's current effective stake in AvtoVAZ is 50.01%, Rostec owns 24.5%,

The alliance exercises control over AvtoVAZ through Netherlands-based Alliance Rostec Auto BV, a joint venture of Rostec and Renault-Nissan. This joint venture owns 74.51% of AvtoVAZ shares (81.4% of the common shares and 47% of the preferred shares), the other shares being in free float.

AvtoVAZ (tax number: 6320002223) is a leader in the automotive industry in Russia. Its production capacities ensure the annual output of over 800 thousand automobiles.

AvtoVAZ produces automobiles of Lada Priora, Kalina, Samara families as well as classic models.

IFRS loss of the AvtoVAZ group for 2013 was RUB 7.9 billion against positive result the year before. Revenue decreased by RUB 13 billion to RUB 177 billion. According to the company's statement, the group's weaker financial and economic metrics mainly resulted from a decline in sales in the Russian automobile market.

According to the DataCapital information retrieval system, RAS net loss of AvtoVAZ for Q1 2014 grew 9.6-fold to RUB 2.951 billion from RUB 306 million the year before. Revenue increased by 5.9% to RUB 45.486 billion. Sales loss was RUB 1.537 billion.




"AK&M", 30.06.2014

 

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