Nissan is to buy a 10% stake in AvtoVAZ next year, according to the head of the Russian company’s state-owned shareholder.

Sergei Chemezov told reporters that Russian Technologies will sell 4% and Troika Dialog the other 6%. Both currently own 25% of Avtovaz.

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Nissan together with its partner Renault already hold a 25% stake in the Russian carmaker and the French company has said the alliance may increase its stake to 50%.

Chemezov said Russian Technologies valued AvtoVAZ at US$2.8-$2.9bn ahead of the sale, which he said would take place in 2011.

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