Reuters: Deals: Renault-Nissan to finalize AvtoVAZ deal in April: report

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Renault-Nissan to finalize AvtoVAZ deal in April: report Mar 13th 2012, 07:32 PARIS | Tue Mar 13, 2012 3:32am EDT PARIS (Reuters) - The Renault-Nissan alliance will take a majority stake in Russian automaker AvtoVAZ (AVAZ.MM) in the coming weeks, French online newspaper LaTribune.fr reported, citing Renault's (RENA.PA) Russia general manager Bruno Ancelin. "The agreement has been delayed due to the elections in Russia. But it is a matter of weeks," Ancelin said. "The Renault-Nissan alliance will take 50 percent and one share in AvtoVAZ." According to an unnamed source, the deal will not be concluded before April, the newspaper reported. The Franco-Japanese auto group has been in talks with AvtoVAZ's shareholders to take a majority stake in the maker of Lada cars since last year and had expected to complete a deal by the end of 2011. Renault planned to raise its stake to 35 percent, while Nissan would likely own 15 percent. Renault already owns 25 percent plus one share of AvtoVAZ. A Renault spokeswoman declined to comment on the report.

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