RUSSIA: Russian Technologies could sell AvtoVAZ stake

By just-auto.com editorial team | 28 October 2010

State-controlled conglomerate Russian Technologies could sell a 4% stake in AvtoVAZ to Nissan after a share placement by the Russian car firm, Interfax reported, citing the conglomerate's CEO.

"We could sell part of it," Russian Technologies CEO Sergei Chemezov said, according to the news agency.

"Four percent would have no impact (on our business)," he said, adding that this would leave the conglomerate with a 25% stake.

He added that a sale could only take place after the first stage of an additional share placement by Avtovaz.

The executive also confirmed that Russia's Troika Dialog investment bank is in talks with the Renault Nissan alliance on the sale of part of the bank's Avtovaz stake.

Renault earlier denied it was involved in such talks, Reuters noted.