Quitting Russia Could Be Just the Start of Renault’s Shake-Up
Renault has had a terrible few years, culminating in the costly exit from Russia announced Monday. But if this latest crisis finally forces the French car maker—and its backseat-driving government shareholder—to rethink its capital allocation, all might be forgiven.
Renault on Monday said it would sell its roughly 68% stake in AvtoVAZ, Russia’s largest auto maker, to a Moscow-backed research center, as well as a wholly owned factory in Moscow to the local government. It will get a symbolic ruble for each asset, The Wall Street Journal reported. It has the option of buying back its AvtoVAZ shares within six years.