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Ford, Privatization Commission believe that by end of March the US company will takeover Automobile Craiova

de A.C.
Luni, 3 martie 2008, 15:25 English | Business

Ford Motor Company will own the majority of shares of Romanian car factory, Automobile Craiova by the end of March, a press release of the company informs. Both Ford officials and Privatization Commission representatives met on Monday to analyze the impact of a key European Commission decision upon the privatization process.

A week ago, the European Commission decided that the privazation process of Automobile Craiova involved an illegal state aid of 27 million euro. Thus, the EC ruled that Romanian authorities must recover the sum in order to comply to EU norms and regulations.

Teodor Atanasiu, head of the Romanian authority dealing with states assets recovery  AVAS, declared that Romania will recover the 27 million state aid by increasing the prices of the shares to be bought by Ford.

This month, Ford representatives and Romanian officials will attend various meetings in order to establish all the necessary conditions to conclude the privatization contract, Atanasiu added.

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