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General Motors in talks for Daewoo Craiova takeover

de     HotNews.ro
Luni, 5 martie 2007, 0:00


General Motors representatives are to meet Romanian PM Calin Popescu Tariceanu on Monday afternoon for talks over the privatization of the Daewoo Craiova car factory, due to be put on sale this month.

The latest terms applied to investors interested in attending the privatization process are to have a business figur of at least 10 billion euro and a production capacity of one million cars or more yearly.

Daewoo Craiova Automobile Romania was established in the southern Romanian city of Craiova in 1994 as a joint company formed of Daewoo, through Daewoo Heavy Industry (51%) and the Romanian state through Automobile Craiova (49%).

In 2004 Daewoo Motor offered to sell its stake in the Romanian plant to the Romanian Government, along with the conversion of debts the company owed to other Daewoo firms and the sale of the resulting package.

The deal was evaluated at 60 million USD, 50 million of which cover the acquisition of the majority stake and 10 million - the debts to other Daewoo firms.

Several companies including Ford, GM Daewoo Auto&Technology, Renault-Nissan, Cherry and Tata have expressed interest in taking over the plant.

The South Korean Daewoo group was bought by General Motors in 1999. However, GM did not take over the Romanian plant at the time.























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