The state corporation Rostec has regained 32.3% of AvtoVAZ shares. This was achieved thanks to a buyback option, noted the president of the automotive brand, Maxim Sokolov.
He emphasized that the connection between the corporation and the plant was never broken. The decision to exercise the buyback option was explained by the President of AvtoVAZ due to political and economic reasons, as well as the changed situation over the past two years.
Until 2022, AvtoVAZ was controlled through the Dutch company Alliance Rostec Auto B.V., which was a joint venture between the French auto concern Renault Group (67.7% of shares) and Rostec (32.3%). In early 2022, the organization transitioned to Russian jurisdiction under the new name Lada Auto Holding LLC, and was later renamed Avto Holding.
After Renault Group left the Russian market, its share was sold to state ownership for a symbolic 1 ruble, but with a buyback option for six years. In 2023, Rostec, which fell under stricter sanctions, exited AvtoVAZ's capital in favor of FSUE NAMI.
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