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Publish Date : 07-Dec-2012

Renault and Japanese partner Nissan\'s US$750-million deal to give the French manufacturer effective control of Lada maker OAO AvtoVAZ is expected to be signed next week, two sources close to the Russian company said.

The deal to expand in the growing Russian car market was agreed in May. The companies said at the time that the deal would be finalised later this year and not implemented until 2014.

Under the May agreement Renault-Nissan would buy out investment bank Troika Dialog\'s stake in AvtoVAZ to hold 67.13 per cent of a joint venture with state-owned Russian Technologies which, in turn, controls the automaker through a 74.5 per cent stake.

For US$300 million, Renault would be swapping its current 25-per cent direct stake in AvtoVAZ for an indirect 35-per-cent holding. Nissan would pay a further US$450 million for an effective 15 per cent stake. Renault owns 43.4 per cent of Nissan, which for its part holds 15 per cent of the French carmaker.

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