The privatization commission at Automobile Craiova (former property of Daewoo) opened on Friday the improved offering of Ford Company. Ford offers 57 million euros for 72% of Automobile Craiova stock. State Property Agency (AVAS) official Sebastian Vladescu says that the contract may be signed during the auto show in Frankfurt, next week.
Automobile Craiova has a social capital of 39.783.166,5 lei (some 12.75 million euros). AVAS holds 72.40% of the stock, followed by SIF Oltenia - 22.0620% and other shareholders - 5.5348%.
Ford Motor Company submitted the only binding offer. Non-binding offers were also tabled by General Motors Corporation and the Russian Machines company.
Update Former Economy Minister Ionut Popescubelieves that the price is fair and must be balanced with the promised investments of 700 million euros.
Constantin Stroe, vice president at the Renault-owned Dacia: "The price is not important. It's important to have the factory working as soon as possible. With this production facility, Romania will become an important auto production center in Europe".