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Putin to Renault: put money up for AvtoVAZ or shut up

Putin to Renault: put money up for AvtoVAZ or shut up
By Daily Maverick Legacy
05 Oct 2009
0

… Or something like that, in Russian. When Renault bought 25% of AVtoVAZ for $1 billion, it probably thought that was the last time it would need to spend cash. The current conflict arose after the old Soviet-era producer of Lada cars was badly dinged by the global downturn and subsequent slump in demand for cars throughout the world. As plummeting orders brought the company to its knees, the Russian government earlier this year injected almost $750 million in the form of an interest-free loan. Now it’s expecting Renault to follow suit or dilute the French company’s stake. How this stand-off will play itself out is anybody’s guess at the moment, but Renault is sure getting an expensive lesson in dealing with the Russians.

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