Ford submitted the sole bid in a tender for a majority stake in Romanian car maker Daewoo Automobile Craiova, state privatisation agency AVAS said on Thursday.
Go deeper with GlobalData
“AVAS received … only one offer, from Ford Motor Co,” the agency said in a statement cited by Reuters.
Romania wants to sell a 72.4% stake in the domestic automaker and, earlier this year said it had received letters of intent from General Motors and Russian Machines, as well as Ford, Reuters noted.
The report added that the government had previously wanted to sell 95% of Daewoo, by adding a 22% stake owned by investment company SIF Oltenia to the tender, but AVAS told Reuters the company has withdrawn from the sale.
The news agency said the government bought back the troubled car maker from its bankrupt owner Daewoo Motor in late 2006 for $US51million and paid another $10 million for debts stemming from past loans secured by the Korean company.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAccording to Reuters, AVAS head Teodor Atanasiu has said he envisaged the buyer would have to ensure a minimum yearly output of 300,000 vehicles.
Many auto parts makers have set up in new European Union member Romania recently, attracted by the rising output of Renault’s Dacia plant, cheap labour and favourable tax rates, the news agency added.
