Fiat Claims "No Interest" in Russian Carmaker

12/03/96

Reuters reports that Fiat's Managing Director Paolo Canterella has said that the Italian carmaker has absolutely no interest in taking over AvtoVAZ, an ailing Russian carmaker.

A week ago Tuesday, a senior Russian minister called for state authorites to begin bankruptcy proceedings against AvtoVAZ, which is reportedly one of the country's biggest tax debtors.

Cantarella addressed the AvtoVaz issue in order to lay to rest Russian speculation that Fiat may be interested in taking over the carmaker. Cantarella said, "we have already said that we are not interested."

Speculation about Fiat's interest in AvtoVAZ seems to stem from the fact that the carmaker's main model, the Lada, is based on a 1960s or 1970s Fiat model.

Paul Dever -- The Auto Channel