OREANDA-NEWS. Avtotor automobile plant in Kaliningrad may soon buy out the share of Canadian automotive component manufacturer Magna company, which owns the ‘sleeping’ agreement for industrial assembly of vehicles.

According to Kommersant, yesterday, Federal Antimonopoly Service granted Avtotor Holding’s request to acquire 40% of Avtotor Magna HH2. The decision of Federal Antimonopoly Service states that after the transaction the share of Avtotor in the company will increase up to 100%. According to SPARK-Interfax, today 40% of the JV is owned by the Austrian company Magna Metalforming AG, which is a part of one of the world largest manufacturers of automotive components Magna International. Avtotor Magna HH2 had another name - Magna Nizhny Novgorod 2- until mid 2013. This company had ‘sleeping’ Magna agreement about industrial assembly of vehicles. In order to get it, Avtotor established a joint venture with the Canadian company in 2012.