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FAS Has Approved A Request By Hyundai For The Purchase Of The Gm Plant In St. Petersburg

FAS Has Approved A Request By Hyundai For The Purchase Of The Gm Plant In St. Petersburg

The Federal Antimonopoly Service of the Russian Federation (FAS) granted the request of the carmaker Hyundai to acquire 94.8% of the General Motors plant in St. Petersburg, the Agency said in a statement.

"The FAS of Russia considered the request of the limited liability company" Hyundai Motor Manufacturing Rus " to obtain ownership of 94.83% of the main production facilities of the limited liability company "General motors Auto" located in the territory of the Russian Federation, " the message reads. - And found that the transaction stated in the petition will not lead to a restriction of competition. Following paragraph 1 of part 2 of article 33 Of the law on the protection of competition, the FAS of Russia decided to grant this request."

The carmaker applied to acquire the GM plant on July 10. As the Kommersant newspaper wrote citing sources, Hyundai, in case of purchase of the enterprise, can transfer their production of some models produced at the Kaliningrad plant "Avtotor."

Earlier, the Belarusian company unison auto, whose application was approved by the FAS in January 2019, was also interested in buying the GM car plant. However, the discussion of the deal was eventually suspended.

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The GM plant opened in St. Petersburg in 2008, with an estimated investment of $300 million. In 2015, it produced the Chevrolet Cruze and Opel Astra, as well as large-unit Assembly of the Chevrolet Trailblazer, Chevrolet Tahoe, Chevrolet Captiva, and several Cadillac models.

GM completely stopped and mothballed production at the Russian plant in Saint Petersburg on July 1, 2015.

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