Renault may give up its stake in AvtoVAZ

French automaker Renault is exploring the possibility of transferring ownership of its stake in AvtoVAZ to an investor from Russia. TASSQuote from Bloomberg.

According to the sources of the foreign agency, this step will allow the French company to free itself from legal obligations to the Russian enterprise. According to them, no decision has been made yet and other options may arise.

Former Renault CEO Luca de Meo declarationHe said the automaker’s departure from Russia would create a “very difficult situation” for Renault.

23 March Renault announced It’s about shutting down his factory in Moscow. The company expects a significant reduction in operating income and cash flow, and is also considering a non-cash write-off of €2.2 billion, which would reflect the potential cost of business interruption in Russia.

Moreover reportedHe said that Ukrainian President Volodymyr Zelensky addressed the French Parliament via video link and urged French companies to leave the Russian Federation against the background of the military operation in Ukraine.

Source: Gazeta


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