European Bank for Reconstruction & Development offered its partners the chance to buy a 16.8 percent stake in General Motors (GM:US) Co.’s joint venture with AvtoVAZ, Vedomosti reported today, citing EBRD spokesman Richard Wallis and ZOAO AvtoVA’s chief executive officer Igor Komarov.
Togliatti, Volga region based GM-AvtoVAZ was set up in 2001 and produces a Chevrolet-Niva model based on AvtoVAZ’s platform. General Motors and AvtoVAZ each hold 41.6 percent.
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