Date: 7 months ago   Category: Industry

JV Rostec and Renault declared compulsory redemption of stocks of AvtoVAZ — Rambler News Service


The Alliance Rostec Auto company which is Renault joint venture and Rostec state corporations and owns 96,64% of stocks of AvtoVAZ now declared on October 15 compulsory redemption of papers at minority shareholders of automobile works, follows from materials of the company. The joint venture plans to redeem common stocks on 12,4 rubles for paper, and exclusive – on 12,2 rubles for an action. The list of shareholders is formed according to the register for November 30. Earlier it was reported that the joint venture plans to carry out delisting of stocks of AvtoVAZ in the first half of 2019. "The obligatory offer is on discussion in the Central Bank. We will begin this process (bringing a share of the joint venture to 100% in AvtoVAZ) in several days, and it will end at the end of 2018 - the beginning of 2019. We will redeem the remained equity stake in 3,4% from minority shareholders" — RNS at the beginning of October the senior vice-president of the Renault group and the vice-chairman of the board of directors of AvtoVAZ Nicolas Mor said. Earlier it was reported that at the end of September, 2018 the joint venture increased a share in AvtoVAZ from 83,53% to 96,64% due to redemption of stocks at minority shareholders. "Consolidation of 100% of stocks of AvtoVAZ will simplify and will accelerate adoption of necessary corporate decisions within the program of development and modernization of the plant" — the chairman of the board of directors of AvtoVAZ Sergey Skvortsov said, his words were cited by the joint venture.

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