The FINANCIAL — Plans for a swap deal between Russia and France involving shares of the Russian Avtovaz car maker and the French company Renault have been put on hold, the Vedomosti daily said on August 2, according to RIA Novosti.
The idea for the swap first came up in late 2009, when the Russian state corporation Rostekhnologii, Renault and the Russian Troika Dialog investment bank signed a memorandum on investing in Avtovaz.
Russian Prime Minister Vladimir Putin spoke about the possible exchange deal in late June at a meeting with his French counterpart Francois Fillon.
However, a Russian government source says there was never a formal proposal made on the deal.
The deal may be returned to at the end of 2011, a source close to Avtovaz said.