Automobile Craiova to take over the majority stake from Daewoo

Automobile Craiova, in which the state owns 72.4%, is going to take over the majority stake from South Korea’s Daewoo Motors in two weeks at the latest, stated Economy and Trade ministry Codrut Seres. “Next Thursday or in two weeks at the latest, Automobile Craiova will repurchase the 51% stake from the Korean party,” said Seres. If the deal is completed, Automobile Craiova will own 100% in Daewoo Craiova. Once the majority stake is recouped, the Economy Ministry can initiate new privatisation procedures. Daewoo Motor controls 51% in Daewoo Automobile Romania, while the remaining 49% of the share capital belongs to Automobile Craiova SA, in which the state owns 72.4%. Last year, Daewoo Craiova manufactured 20,500 cars.