OREANDA-NEWS. August 07, 2008. AvtoVAZ is in the final stage of negotiations to take over Izh Avto (part of SOK Group) and the transaction could be wrapped up in September 2008.

"Needless to say, we are interested in the enterprise and we are now in the process of discussing the price. I believe that the transaction will be wrapped up in September", AvtoVAZ president Boris Aleshin said. He noted that under AvtoVAZ's control IzhAvto will manufacture Lada, Renault and Nissan cars without specifying the exact models of these car makers or output figures.

A high-ranking source at AvtoVAZ previously hinted that assembly of Korean Kia cars at the enterprise could be halted after the arrival of the new owner. Initially, AvtoVAZ management had expected to close the IzhAvto transaction in August.