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General Motors interested in Daewoo Craiova

de     HotNews.ro
Joi, 5 aprilie 2007, 0:00


South Korean company GM Daewoo Auto & Technology, with the main stockholder the US company General Motors, negotiates with the Romanian government the take over of the Craiova car producing factory, formerly owned by Daewoo, an Reuters interview with chairman Michael A. Grimaldi reveals.

"We expect to know exactly how things are in fact before the end of July", said Grimaldi, warning that there are several companies also interested in Automobile Craiova.

Daewoo Automobile Romania was formed in 1994, with 51% of the stock held by Daewoo Heavy Industry and 49% belonging to the Romanian state.

General Motors and other partners took over in 2002 some of bankrupt Daewoo's assets, but not the factory in Craiova, which became eventually property of the state.

The Romanians state announced its intention to sell the factory in 2006, in a transaction worth some 60 million euros.

According to Reuters, Romanian officials say the car producer is a target for Ford, Renault-Nissan, Chery Automobile (China) and Tata (India).























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