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Renault negotiating to buy stake in Iranian carmaker


Source: Tehran Times

French carmaker Renault is negotiating with Iranian carmaker Saipa to acquire a stake in Saipa's subsidiary Pars Khodro, according to Majid Souri, the Saipa investment management director.

"Negotiations with Renault are being held, but we have yet to reach a final agreement," ISNA quoted Souri as saying on Tuesday.

However, any positive result in negotiations is, to a great extent, dependent on the outcome of nuclear talks between Iran and the 5+1 group, he added.

Renault is looking for a financial partner to resume full operations in Iran and is in talks with the U.S. and French governments on the issue, Chief Performance Officer Jerome Stoll said in June.

"What we are looking for is a financial partner, who will on their own as well comply with all the international regulations and which enable us to resume our activities in Iran," he added.

Renault is keen to start making and selling vehicles in Iran again with local partners Iran Khodro and Pars Khodro, to rebuild the significant market position it enjoyed before international sanctions on Tehran were introduced in 2011.

Iran, the United States and the European Union ended two days of high-level talks on Tehran's nuclear program on Monday with no immediate sign they had bridged gaps ahead of a Nov. 24 deadline for an agreement.

A senior Iranian official told Reuters that minimal progress was made in the talks in Oman. "After hours of talks, we could make little progress," the official said. "Still differences remain and still we have gaps over issues."

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