Renault to pay over $1 bln for AvtoVAZ stake-source

Newswire

MOSCOW, Feb 29 (Reuters) - French carmaker Renault will pay over $1 billion for a stake of 25 percent plus one share in Russia's largest carmaker, AvtoVAZ , a high level AvtoVAZ source told Reuters on Friday. "It will be over $1 billion, that is for sure," he said. The comment came a few minutes before the official signing ceremony of a deal between the French and Russian firms. (Reporting by Guy Faulconbridge, writing by Dmitry Zhdannikov; editing by Robin Paxton)

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