Negotiations between Romania's Authority for State Assets Recovery (AVAS) and Aero Vodochody for the takeover of Romanian company Avioane Craiova have failed and AVAS will relaunch the plane maker privatization process quickly, a press release of the Authority shows on Monday.

The AVAS decision was taken as the offer for the Craiova-based company expired without Aero Vodochody accepting the contractual clauses put forward by AVAS.

The press release says that during negotiations Czech investor Aero Vodochody issued a series of claims to introduce contractual clauses beyond the legal framework and could not be taken into consideration by the Romanian privatization authority.

The Aero Vodochody offer amounted to 16.32 million euro.