NAMI to acquire a 67.69% stake in AVTOVAZ from Renault Group.

NAMI, the Russia state research center, agreed to acquire a 67.69% stake in AVTOVAZ, an automobile manufacturing company, from Renault Group, an automobile manufacturer. Financial terms were not disclosed. "Today, we have taken a difficult but necessary decision; and we are making a responsible choice towards our 45k employees in Russia, while preserving the Group's performance and our ability to return to the country in the future, in a different context. I am confident in the Renault Group's ability to further accelerate its transformation and exceed its mid-term targets," Luca de Meo, Renault Group CEO.