(CercleFinance.com) – Renault Group announces the signing of agreements to sell 100% of its shares in Renault Russia to the city of Moscow and its 67.69% stake in Avtovaz to NAMI (Central Institute for Research and development of automobiles and engines).
The completion of these transactions is not subject to any conditions. The agreement provides an option for Renault to buy back its stake in Avtovaz, exercisable at certain times over the next six years.
A non-cash adjustment charge should be recorded in the first half results. Ahead of its medium-term Renaulution objectives, the group will present an update of its financial outlook and strategy in the autumn.
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