Renault-Nissan, Russian Technologies sign joint venture dealDecember 12, 2012 - 17:16 AMT PanARMENIAN.Net - The Renault-Nissan alliance and Russian Technologies state corporation have signed a deal on creating a joint venture to manage their holdings in Russia’s largest car maker AvtoVAZ, the companies said in a statement on Wednesday, Dec 12, according to RIA Novosti. “The Renault-Nissan Alliance and Russian Technologies State Corporation have created a joint venture which will hold their entire equity interests in AvtoVAZ and serve as a stable, long-term controlling shareholder for Russia’s largest car company and the owner of the LADA brand,” the statement said. Under the deal, Renault-Nissan will gain a controlling stake in AvtoVAZ, which is among the largest carmakers in Eastern Europe, producing more than 800,000 cars per year and employing about 66,000 people. Russian Technologies will have a blocking stake of 25 percent. Renault-Nissan President Carlos Ghosn will be made head of the JV, which has been named Alliance Rostec Auto BV. Renault-Nissan will invest 23 billion rubles ($740 million) in the joint venture, with Renault contributing about 11.3 billion rubles and Nissan 11.7 billion rubles. Renault will end up with a 50.1 percent stake in the JV by June 2014 and Nissan will gain 17.03 percent. Russian Technologies will hold 32.87 percent. Renault-Nissan currently holds 25 percent in AvtoVAZ while Russian Technologies has about 29 percent and another 20 percent belongs to the brokerage Troika Dialog, a subsidiary of state-owned Sberbank. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia to participate in key EU meeting for the first time ever National Assembly speaker Alen Simonyan has said that Armenia will for the first time participate in the Conference. U.S. reacts to Russia’s criticism of upcoming Armenia-EU-U.S. meeting Matthew Miller has weighed in on Russia’s criticism of an upcoming Armenia-EU-U.S. meeting. Lavrov sees ‘collapse’ of Russia’s ties with Armenia Russian Foreign Minister Sergey Lavrov has underscored heightened tensions between Russia and Armenia. Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine |