Renault: agreements signed to exit Russia
(CercleFinance.com) - Renault has announced signing 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 These transactions are not subject to any conditions to be completed. The agreement provides for an option for Renault to buy back its stake in Avtovaz, exercisable at certain periods over the next six years.
A non-cash adjustment charge is expected to be recorded in H1 results. Ahead of its medium-term targets, the group will present an update of its financial outlook and strategy in the autumn.
Copyright (c) 2022 CercleFinance.com. All rights reserved.