European Bank for Reconstruction & Development offered its partners the chance to buy a 16.8 percent stake in General Motors (GM) Co.’s joint venture with AvtoVAZ, Vedomosti reported today, citing EBRD spokesman Richard Wallis and ZOAO AvtoVA’s chief executive officer Igor Komarov.
Togliatti, Volga region based GM-AvtoVAZ was set up in 2001 and produces a Chevrolet-Niva model based on AvtoVAZ’s platform. General Motors and AvtoVAZ each hold 41.6 percent.
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