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

Published 11/19/2010, 05:31 AM
Updated 11/19/2010, 05:36 AM

(Repeats to additional subscribers)

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

* 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 (Reuters) - Japan's Nissan plans to buy 10 percent of Russia's top carmaker AvtoVAZ next year as part of a bid with partner Renault 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)

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