Putin approves sale of Schaeffler's Russian business

Schaeffler AG

27/11/2023 14:35

MOSCOW, Nov 27 (Reuters) - Russian President Vladimir
Putin has approved the sale of German auto supplier Schaeffler's
 SHA_p.DE  Russian business to a company called PromAvtoConsult,
according to a decree published by the Kremlin on Monday. 
    Schaeffler signed a contract in December 2022 to sell its
Russian operations to PromAvtoConsult for 10 million euros ($11
million), according to its annual report, published in March.
    It was contractually agreed that the shares would first be
transferred to a company controlled by a member of the
supervisory board, the report said.
 ($1 = 0.9168 euros)

 (Reporting by Reuters; Writing by Alexander Marrow; Editing by
Kevin Liffey)
 ((alexander.marrow@thomsonreuters.com;))