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Government establishes commission for Daewoo Craiova privatization

de     HotNews.ro
Miercuri, 10 ianuarie 2007, 0:00


The Romanian Government decided in its Wednesday session to create a commission to supervize the privatization of Daewoo Automobile Romania. The commission will be headed by Finance minister Sebastian Vladescu, according to Government spokeswoman Oana Marinescu.

It will prepare and suggest a privatization strategy, choose privatization methods and procedures and supervize the whole process.

PM Calin Popescu Tariceanu said the Daewoo privatization must conclude as fast and transparent as possible.

According to Marinescu, the commission was established now because there are companies showing interest in buying the plant.

The Daewoo Automobile Romania car maker was established in 1994 as a joint venture between the Daewoo group, represented by Daewoo Heavy Industry (51%) and the Romanian state through Automobile Craiova (49%). The Daewoo Group was bought in 1999 by General Motors - which did not take over the Craiova-based plant, however.

In 2004, Daewoo Motor offered the Romanian Government the sale of the majority stake, the conversion of DAR debts to other Daewoo companies and the sale of the resulting package. The transaction was evaluated at 60 million USD, 50 million of which cover the sale of the original majority stake.

Ford, GM Daewoo Auto&Technology, Renault-Nissan, Cherry, Tata and Ford are among those who expressed interest in the Craiova plant.























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