Alliance Rostec Auto BV, the joint venture between French automaker Renault SA and Russian state conglomerate Rostec, on Dec. 26 took its stake in Russian automaker OAO Avtovaz to 100%.
Alliance Rostec had acquired 83.5% of Avtovaz in May, which triggered a mandatory buyout offer due to surpassing the 75% shareholding threshold. The JV launched its mandatory offer to purchase the remaining shares in July, which increased its Avtovaz stake further.
That was followed by a "squeeze-out operation" launched in September that saw a total of 375,068,439 shares tendered, representing 3.36% of Avtovaz. As a result, the joint venture's shareholding rose from 96.64% to 100%.
Financial details of the buyout were not disclosed.
Renault controls 67.61% of the Alliance Rostec joint venture, with the remaining 32.39% held by Rostec.