PARIS -- Renault has launched a mandatory offer to buy out the remaining shareholders in Russian automaker AvtoVAZ, the French automaker said.
AvtoVAZ, Russia's No. 1 automaker is part of Renault-Nissan's alliance, which also includes Mitsubishi Motors. The Russian company builds Lada vehicles.
Alliance Rostec Auto -- of which Renault owns 61.1 percent in partnership with Russia's Rostec -- raised its stake in AvtoVAZ to 83.5 percent from 64.6 percent in May, taking its holding above the 75 percent level where Russian law requires a mandatory tender offer to be launched for minority shareholders.
Renault said its offer would run to September 10 and be priced at 12.4 rubles per share for common shares and 12.2 rubles for preferential shares.