Russia's biggest car maker denies comments from Sberbank saying a deal was likely
22 June 2009

The head of Russia’s largest car maker AvtoVAZ has dismissed comments from Sberbank, which claimed the firm needed to align with Opel and Magna.

Sberbank and Magna are set to take a 35 per cent stake in Opel/Vauxhall and Sberbank’s chairman, German Gref, said AvtoVAZ would need to become a partner of Opel if it was to produce a globally competitive guide.

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Boris Alyoshin, AvtoVAZ president, said: “No one has made us any such offers. I don't know how this question can hypothetically be discussed.”

AvtoVAZ, which builds Lada cars, already has access to European technology through Renault as the French firm owns a 25 per cent stake in the Russian company.

Gref said on Thrusday that AvtoVAZ “either needs to go under Renault's management, or look for another option -- for example, with Magna and Opel.”

“This has to get done in the next half year, and most likely we will all come together and formulate a joint proposal.”

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