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GAZ Group and GM Reach JV Agreement For Ownership of Diesel Maker VM Motori

Posted on September 03, 2008

GAZ Group, one of Russia's largest car manufacturers, and General Motors Corp. have reached agreement on a GAZ 50% equity ownership in VM Motori S.p.A., a designer and manufacturer of diesel engines based in Cento, Italy.GAZ Group is acquiring the 50% equity stake of VM Motori, S.p.A., under a purchase agreement with Penske Corporation signed on 27 August. This agreement is subject to clearance by the European Union Commission.GM purchased its 50% equity share in VM Motori from Penske Corporation in 2007 (earlier post), after 10 years of collaboration with the company in supplying engines for ...

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europe , european , european union , italy , russia , russian , thailand