The grounds of the AvtoVAZ plant in Togliatti, Samara Region
Photo: Dmitry Lebedev
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AvtoVAZ Will Have Strategic Partner
Troika Dialog and Rosoboronexport will eliminate cross-ownership of AvtoVAZ. That process will begin in January and end by the summer of next year. The final part of that process is to be approved at a meeting of the AvtoVAZ board of directors today. They hope to find a strategic partner for the carmaker in January or February, however. General Motors, Renault, Fiat and Magna are the candidates for partner, and the main competition is between the last two, according to Kommersant's sources. Magna, a Canadian company, is co-owned by Russian businessman Oleg Deripaska, who also owns Russian truckmaker GAZ.
A special AvtoVAZ shareholders meeting will be held in January at which the unification of AvtoVAZ with its subsidiaries is to be approved. Those subsidiaries together hold 66.5 percent of the AvtoVAZ voting stock. That stock will be reacquired. At the same time, more common stock will be issued in the volume of 17 percent of the current authorized capital in consideration of the minority shareholders in subsidiaries AVVA and AFK, who own 14 and 40 percent of those companies, respectively, and will receive AvtoVAZ stock.
In the end, that is, by the beginning of June, Rosoboronexport and Troika Capital Partners (part of Troika Dialog) will own 75 percent plus one stock in AvtoVAZ, minority shareholders will own about 15 percent and about 10 percent will belong to unidentified persons. Rosoboronexport and Troika Capital Partners may sell part of their holdings to their future strategic partner earlier, however, then expand the partner's share to a blocking package after the shares are reacquired from the subsidiaries.
www.kommersant.com
All the Article in Russian as of Dec. 07, 2007
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