PARIS, May 3, 2012
/PRNewswire/ -- The Renault-Nissan Alliance and state corporation Russian Technologies have agreed to create a joint venture and give the Renault-Nissan Alliance an indirect majority stake in AVTOVAZ, according to a new memorandum of understanding.
The Renault-Nissan Alliance, AVTOVAZ, Russian Technologies and Troika Dialog signed the non-binding agreement today in Paris. According to the memorandum, the Renault-Nissan Alliance and Russian Technologies will contribute their respective stakes in AVTOVAZ to a joint venture that will control AVTOVAZ, Russia's largest car company and maker of the iconic Lada brand.
Renault-Nissan plans to invest about US$750 million, which will give the French-Japanese car group 67.13% of the joint venture in mid-2014. The joint venture will then hold 74.5% of AVTOVAZ. The transaction is expected to be complete by 2014.
Renault, which purchased 25% of AVTOVAZ in 2008 and then helped AVTOVAZ pilot an aggressive turnaround, will invest about US$300 million in the joint venture. Nissan, which does not currently own a stake in AVTOVAZ, will invest about US$450 million. Renault and Nissan will make periodic payments through 2014.
Russian Technologies has agreed to restructure its outstanding loans with AVTOVAZ with approximately RUB7 billion (US$238 million) proceeds from the anticipated sale of AVTOVAZ's non-core assets being used to repay part of Russian Technologies' loans. The remainder of circa RUB46 billion (US$1.56 billion) of interest-free debt is being extended well beyond its current maturity date. This gives AVTOVAZ a strong balance sheet with no liquidity constraints.
For the full release, go to:
Mia Nielsen, Communications Manager, Renault-Nissan Alliance, +33-(0)6-10-83-31-33, firstname.lastname@example.org
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