Newswire reports on Tuesday (31 January) said Daimler and Renault are ready to take controlling stakes in their Russian partners, citing state conglomerate Russian Technologies which holds stakes in the automakers.
Renault could take control of AvtoVAZ, in which it already holds a 25% stake, in the first half of this year, according to state news agency RIA Novosti.
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Along with alliance partner Nissan, Renault has already agreed to start building its own models at AvtoVAZ’s Togliatti plans in central Russia. It is said to have full agreement from prime minister Vladimir Putin to take control.
Renault bought its stake for US$1bn in 2008. Analysts in Russia said that Renault-Nissan will likely restructure AvtoVAZ’s operations. Renault said discussions on the stake increase remained in progress.
The addition of AvroVAZ to Renault and Nissan would create the world’s third biggest car company behind General Motors and Volkswagen.
The Interfax news agency reported that Daimler could take control of truckmaker Kamaz, in which it already owns an 11% stake. Russian Technologies owns 49.9%.
Daimler said it had the right of refusal for a 10% stake from investment bank Troika Dialog, now part of state lender Sberbank, and had yet to make a final decision on whether to take it up.
Daimler’s partner, the European Bank for Reconstruction and Development (EBRD), controls 4% of Kamaz.
