Russian car maker Avtovaz buys out GM from joint venture

Russian car maker Avtovaz buys out GM from joint venture

FILE PHOTO: The logo of Russian automobile maker Avtovaz is seen on a Lada car, which is on sale at the ‘AvtoGermes’ dealership in Moscow, Russia, March 14, 2016. REUTERS/Maxim Shemetov

MOSCOW (Reuters) – Russia’s biggest automaker Avtovaz said on Monday it would buy out General Motors (GM.N) from their joint venture producing vehicles in Russia under the Chevrolet brand.

Avtovaz has signed an agreement to buy GM’s 50% stake in the venture, it said without disclosing financial details of the deal.

Reporting by Gleb Stolyarov; Writing by Maria Kiselyova; Editing by Edmund Blair

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