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Renault denies talks to boost AvtoVAZ stake


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Renault denies talks to boost AvtoVAZ stake

October 28, 2010 06:01 CET

PARIS (Reuters) -- Renault denied it was in talks with Russia's Troika Dialog about purchasing the bank's stake in AvtoVAZ, Russia's largest automaker

The Russia Today television station had quoted Renault CEO Carlos Ghosn as saying Renault and alliance partner Nissan are planning to buy the bank's stake in AvtoVAZ, giving the alliance 45 percent of the maker of Lada cars.

A Renault spokesman said on Wednesday that there were no talks taking place over the purchase of Troika Dialog's share in AvtoVAZ.

Troika owns just over 20 percent of AvtoVAZ, which makes Lada cars, while Renault has a 25 percent stake.

Renault and Nissan plan to build their own models at AvtoVAZ's sprawling Togliatti plant.

Demand for cars in Russia is growing again after the crisis sparked a slump in car sales last year.

AvtoVAZ returned to profit in the first half of this year, making 3.1 billion rubles, helped by state aid and a market upturn. It suffered a loss of 19.6 billion rubles in the same period last year.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20101028/ANE/310279912/1198#ixzz13fFOCdtj

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