Renault’s planned purchase of a 25% stake in AvtoVAZ has been approved by the European Commission.
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The Commission, the European Union’s competition regulator, said in a statement that the deal raised no serious market problems.
“The proposed transaction would bring about only a very minor increment in market share, which would have hardly any influence on Renault’s market position in the EEA [European Economic Area],” it said.
Last month Renault signed an agreement to buy 25% of AvtoVAZ, Russia’s largest carmaker, for over US$1bn.
AvtoVAZ will benefit from Renault’s contributions in relation to platforms and powertrains in order to rapidly renew and enhance the entire Lada product line. The first Lada vehicle to come from this partnership should be in production at the end of 2009.
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By GlobalDataSee also: Hot Topic: Renault takes AvtoVAZ stake
