Renault sells Russian subsidiary and stake in Avtovaz

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It was in the air for days, but now Renault l & rsquo; has officially put black and white: nothing more; Russia , at least in the present. For the future we will see.

THE TRANSFER

The signature on the agreements is; was placed in the past few hours, after approval by the members of the Board of Directors: 100% of the Renault Group's shares in Renault Russia pass into the hands of the City; of Moscow , so & igrave; such as approximately 68% (67.69 to be precise) of the shares held by the French company in Avtovaz . In this case, the shareholding passes to Nami, the Central Institute of Research and Development on Cars and Engines. In this case, & egrave; Renault has agreed on an option to repurchase the stake, which can be exercised over the next 6 years.

A DIFFICULT CHOICE

The green light is; arrived and there are no particular conditions at the close of the handover, officially expected for the next few days. & ldquo; We made a difficult decision & rdquo;, comments Luca de Meo, CEO of the Renault Group who already has; in recent days he had hinted at the direction that the transalpine strategies would take.

& ldquo; But & egrave; was a necessary decision & ndash; continues -: we make a responsible choice towards our 45 thousand employees in Russia, while at the same time preserving the Group's performance and the possibility; to return to the country in the future, in a different context. I have faith in the ability; of the Renault group to further accelerate its transformation and overcome its medium-term objectives & rdquo;.

THE FUTURE DOES NOT CHANGE

The future strategy on business; on Russian territory, however, they do not change Renault's financial perspectives. And indeed, on the occasion of the Capital Market Day to be held; next autumn, the Group will present; an update of the financial perspectives and strategy which confirm it in the position of reference player, both in terms of technology and sustainability, in advance of the objectives that were originally set in the medium term.

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