11:10GAZ acquires 50% in VM Motori
GAZ Group's acquisition of a 50% stake in Italian-based engine producer, VM Motori, should enable the company to install marketable diesel engines on commercial vehicles, while further movement of engine production to Russia may lead to a 15-20% downturn in their cost of production. As a result, GAZ Group may gain a serious competitive advantage on the LCV market, which should have a positive impact on both its financial results and fundamental value.
GAZ Common shares:
Price: $10,50 Preferred shares:
Price: $13,00
11:08Avtovaz boosts sales by 2.4% in 8M 2008
The Avtovaz carmaker reported a 2.4% increase in its sales in 8M 2008, compared to a y-o-y surge of 41% in the first half of the year. We view the released results as negative: the company continues to rapidly lose its market share.
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