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Reuters

Renault to offload its stake in Lada maker for one rouble, Russia says

The trade ministry also said Renault’s factory in Moscow, which produces cars under the Renault and Nissan brands, would be passed to the city’s government, in another sign of what Russian authorities plan to do with Western assets. The French carmaker and the French government, which owns a 15% stake in Renault, both declined to comment on the deal, which was first reported by Russian news agencies citing Trade Minister Denis Manturov. The trade ministry said Renault would have the right to buy back its Avtovaz stake within five to six years from NAMI, an institute founded over century ago behind the design and building of Russia’s cars and trucks – including the limousines used by President Vladimir Putin.

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