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Ford, GM and JC Russian machines bid to buy Daewoo factory in Romania


Published : Thu, 26 Apr 2007 14:19
By : Agencies
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BUCHAREST (Thomson Financial) - Ford, General Motors and the Russian company JC Russian Machines have submitted bids to buy the Daewoo factory in Craiova, south Romania, the Romanian finance ministry said.

The government, which launched the tender in March, decided to increase the number of shares on sale to nearly 95 pct from 72.4 pct, appealing to minority shareholders to sell their own shares.

Last August, the Romanian state bought the 51 pct stake for 60 mln usd from the South-Korean giant, which went bankrupt in 1999.

Daewoo became the majority shareholder in the factory in 1994, following an investment of 156 mln usd. It then invested a further 850 mln usd for modernisation.

As the number two Romanian car maker, after the Renault Group unit Dacia, Daewoo has produced approximately 250,000 vehicles and has a 15 pct market share.

tf.TFN-Europe_newsdesk@thomson.com

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