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AvoVaz might cancel its contarct with Magna
By Yoann Besnard on 6 February 2008 | 
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AvtoVAZ might cancel its agreement with the Canadian Magna as Renault bought a 25% stake in the Russian car maker.
The Russian newspaper Vedemosti has suggested that AvtoVaz might cancel its contract signed before the Renault agreement. The contract aimed at modernizing the company’s facilities. Accoridn to insiders, the French car maker has proposed alternative plans.
With AvtoVaz, Magna had a foot in Russia which might soon become the first European market. If Magna loses the AvtoVaz contract, it will still own a large part of the holding which controls GAZ and the van maker LDV.
