Romania calls for bids in Daewoo sale by July 5

Publish date: 03-05-2007
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Romania has called for binding offers in the privatisation of carmaker Daewoo Automobile Craiova by July 5, the privatisation agency said on Thursday.

The AVAS agency also said it would publish a further schedule of the privatisation on July 6, including a deadline for improved offers.

The new European Union member's centrist government plans to sell about 95 percent of the car maker, including a 72.4 percent stake it bought back from its bankrupt owner late in 2006.

So far, General Motors Corp (GM.N: Quote, Profile, Research, Ford Motor Co (F.N: Quote, Profile, Research and Russian Machines have submitted letters of intent.

Many auto parts makers have set up in Romania recently, lured by the rising output of Renault's Dacia plant, cheap labour and favourable tax rates.


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