English
The Romanian government today approved the privatization contract between Automobile Craiova and U.S. automaker Ford Motor Company, Prime Minister Calin Popescu Tariceanu said. The contract will be signed on September 12 at the Auto Salon in Frankfurt.
The privatization commission on September 7 opened Ford"s final financial offer improved and irrevocable of 57 million EUR for the Romanian state"s 72.4% stake. Through its final offer, Ford engaged to restructure Automobile Craiova, Daewoo Automobile and Mecatim Craiova by transferring selected assets of the three companies into a newly created factory.Negotiations on the privatization of Automobile Craiova started on July 18 after Ford submitted the technical offer on July 5.
Automobile Craiova has a share capital of 39,783,166 lei. The company owns 49 percent in Daewoo Automobile Romania and manufactures and sells cars and auto parts under the license of General Motors Daewoo Auto Technologies.
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