The Polish News Bulletin (PNB) reports that MG Rover wants exclusive rights to negotiations regarding the FSO-Daewoo Zeran factory. The negotiations would last till January 2003.
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The PNB report says that at the opening of the Polish International Motor Show, Maciej Lesny, Vice-Minister of Economy, revealed that MG Rover would probably get the approval this coming Wednesday. “We are entering the final stage of the transaction estimation”, said the minister, “which will amount to ZL3bn (including ZL1, 3bn of Polish assets, ZL1bn invested by Rover and ZL700m government guarantees.),” in remarks carried by PNB.
The report adds that the Minister also said that the Ministry would like to finalise negotiations by December 31, which is also a date for Daewoo-FSO debt conversion into shares (Zl1.6bn), provided that the company creditors and Korean Court of Commerce agree by December 31, 2002.
