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Ford first and only to submit final offer for Automobile Craiova

Joi, 5 iulie 2007, 0:00

American company Ford submitted the only offer for taking over 72.40% shares in Romanian car maker Automobile Craiova, formerly controlled by Daewoo, upon the Thursday deadline, a press release issued by the Authority for State Assets Recovery (AVAS) in Bucharest informs.

Other companies submitting non-binding offers were General Motors Corporation, Ford Motors Company and Russian Machines.

The Romanian state has been holding the majority stake in the plant since 2004 and planned to sell it by the end of June 2007.

The transaction was evaluated at 60 million USD, 50 million of which cover the majority stake and the other 10 cover the company's debts to firms in the Daewoo group.

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