A Russian news agency has reported that a possible share issue by AvtoVAZ is no longer needed, citing a French Renault executive.

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The Ria Novosti news agency said that a share issue is no longer required now that the automaker is to receive sunstantial state aid.


“This alternative is no longer needed,” RIA Novosti quotes Christian Esteve, a member of Renault’s management committee in charge of its Russian division, as saying in an interview.


Renault had objected to the share issue as it could have led to the dilution of its 25% plus one share stake, Ria Novosti reports.


Esteve told the news agency that an additional share issue was one of the options considered by the Russian government in response to AvtoVAZ’s request for financial aid.

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