MOSCOW — General Motors Corp. and Russia's AO AvtoVAZ this month formalize their US$332 million joint venture to build automobiles in Russia (see WAI Update — Feb. '01, p.1). The European Bank of Reconstruction and Development (EBRD), which is contributing US$140 million in financing, is the third partner. GM Chief Executive G. Richard Wagoner traveled to Russia to sign a General Framework Agreement for the venture. Terms call for GM and AvtoVAZ each to hold 41.5% stake in the JV, with ...

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