PARIS—French auto maker Renault SA has reached a deal to cede its 68% stake in Russia’s biggest car maker to a state-backed entity for one ruble and a six-year option to buy back its shares, according to people familiar with the matter, an illustration of the limited options Western firms face in leaving Russia.
Renault said Monday that it was handing over its stake in AvtoVAZ to NAMI, a state-backed automotive research and development center. Renault said it was also transferring ownership of a factory in the center of Moscow, which makes vehicles under the Renault and Nissan brands, to the city’s government.
Source: https://www.wsj.com/articles/renault-sells-russia-business-to-state-backed-entity-for-one-ruble-11652692431?siteid=yhoof2&yptr=yahoo