AvtoVAZ has reportedly suspended its talks to buy carmaker IzhAvto from SOK Group.

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Business daily Kommersant reported Friday that AvtoVAZ has asked SOK Group to suspend the talks for at least several months, as it need to re-evaluate its strategic plans for expanding amid the slowdown in the Russian economy and autos market.


AvtoVAZ planned to swap a 75% in his car dealership Lada-Service for SOK Group’s 98% stake in IzhAvto, the sources close to AvtoVAZ and SOK Group told Kommersant earlier.


The board of directors of AvtoVAZ has approved selling a 75% stake in Lada-Servis, AvtoVAZ said in early February.


AvtoVAZ has been hard hit by the slump in Russia’s market and is experiencing parts supply shortages and liquidity difficulties.

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