Sergey Chemezov, general director at Rosoboronexport and chairman at AvtoVAZ Board of Directors
Photo: Sergey Lidov
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Block Stake in AvtoVAZ to Be Sold to Western Automobile Giant
AvtoVAZ strategic partner could be a big western manufacturer that will buy a block stake in it, said Sergey Chemezov, the general director at Rosoboronexport and chairman at AvtoVAZ Board of Directors.
But there is no need to drift away from potential consolidation of all carmakers of Russia, Chemezov pointed out during the First All-Russia’s Research and Practical Conference headlined “Actual Problems of Russia’s Engineering Development.”
Earlier, it was reported that AvtoVAZ is negotiating sales of the stocks with Severstal owner Alexey Mordashov and Metalloinvest co-owner Alisher Usmanov. Chemezov said AvtoVAZ needs a partner able to deliver top-quality steel for the automobile production. “We are planning to offer less than the blocking stake, less than 25 percent,” Chemezov specified.
Rosoboronexport will retain a blocking stake (25 percent + 1 stock) in AvtoVAZ after cross-ownership elimination. “After the crossing is eliminated, Rosoboronexport intends to sell up to 25 percent in the company via the public offer on exchanges,” Chemezov pointed out.
Chemezov also said Rosoboronexport proceeds with strategic partnership negotiations with Italian Fiat and French Renault. The strategic partner will be chosen by this year-end and offered to buy 25 percent + 1 stock. “According to our estimate, the whole company costs around $4 billion,” Chemezov said.
AvtoVAZ (Toliatti) was incorporated January 5, 1993. 2007 plans are to make 959,700 cars and assembly sets, including 125,000 Lada Kalinas and over 210,000 Lada Samaras. The export deliveries are expected to go up to 194,000 units.
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