MOSCOW (AP) -- Car makers Renault-Nissan have delayed their move to acquire a controlling stake in Russian car producer AvtoVAZ to 2014.
Renault and Nissan, who operate as an alliance, said in a joint statement on Thursday that they plan to invest $750 million in the Russian car maker, which will give the group a 67 percent share in a joint venture with state-owned corporation Russian Technologies. The venture will hold 74 percent in AvtoVAZ.
Renault purchased 25 percent in AvtoVAZ in 2008 and has since been helping the struggling car maker with technology and cash.
Investors previously expected the French-Japanese alliance to gain control at the company this or next year. The confirmation of a delay in taking over control at the company sent AvtoVAZ stock spiraling down.
AvtoVAZ's shares on the MICEX-RTS stock exchange dropped by 8.1 percent by late Thursday afternoon.
