RPT-UPDATE 1-Nissan eyes 10 pct of Russia’s AvtoVAZ-state firm

(Repeats to additional subscribers)

* Plan part of Renault-Nissan bid to up stake to 50 pct

* Would buy from Russian Technologies, Troika Dialog

* Russian Tech sees AvtoVAZ worth $2.8-$2.9 bln in 2011

* Nissan says details not yet finalised

(Adds details, background)

MOSCOW, Nov 19 (BestGrowthStock) – Japan’s Nissan (7201.T: ) plans to
buy 10 percent of Russia’s top carmaker AvtoVAZ (AVAZ.MM: ) next
year as part of a bid with partner Renault (RENA.PA: ) to secure
50 percent, a Russian state firm said on Friday.

A spokeswoman for Renault-Nissan said the sides had yet to
reach a final agreement on the stake size, the price and the
timing of the deal.

Russian Prime Minister Vladimir Putin this month backed
Renault-Nissan’s bid to increase its stake in AvtoVAZ, producer
of the Lada brand, to 50 percent from 25 percent now.

“Russian Technologies will sell 4 percent, and Troika Dialog
will sell 6 percent,” Russian Technologies head Sergei Chemezov
told reporters. Russian Technologies and brokerage Troika Dialog
each own 25 percent of AvtoVAZ.

Chemezov said Russian Technologies estimated that AvtoVAZ is
currently worth $2.4 billion, but its value would rise in 2011
when the deal is expected to take place.

“Next year it will already be $2.8-2.9 billion,” he said,
adding that Russian Technologies wanted to sell the shares in
the first or second quarter of 2011.
(Reporting by Gleb Stolyarov; Writing by Maria Kiselyova;
Editing by Erica Billingham)

RPT-UPDATE 1-Nissan eyes 10 pct of Russia’s AvtoVAZ-state firm