Europe 1 with AFP 09:03, May 16, 2022
Renault's assets in Russia are now owned by the Russian state, the Russian Ministry of Industry and Trade announced on Monday, following the withdrawal of the French automaker following the invasion of Ukraine.
But the French manufacturer retains an option to buy back its assets
The Renault automobile group, which confirmed on Monday the sale of its stake in the Russian manufacturer Avtovaz, manufacturer of Lada, said it would keep the option to buy back its shares for six years.
"The Board of Directors of Renault Group has unanimously approved the signing of agreements to sell 100% of Renault Group's shares in Renault Russia to the city of Moscow and its 67.69% stake in AVTOVAZ to NAMI (l 'Central Automotive and Engine Research and Development Institute),' it said in a statement, without confirming any amount.
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"The agreement provides for an option for Renault Group to buy back its stake in AVTOVAZ, exercisable at certain periods over the next 6 years", he adds.
>> More information to follow...