Seres: Ford stays in the race for Daewoo Craiova

Economy Minister, Codrut Seres, said, upon his return from the United States, that Ford officials are still interested in taking over the Daewoo Craiova plant. The minister specified that the Government wanted a fair and transparent competition in the privatisation of the Craiova-based automotive plant that General Motors and Honda have also shown an interest in. Seres stated on July 12 that the Romanian state would put the Daewoo Craiova automotive company up for privatisation immediately after the signing of the contract to take over the 51% stake in it from the Korean party. A Romanian delegation was present in South Korea in the June 19-21 period to unlock negotiations with representatives of Daewoo Motor Co. Ltd (DWMC) on the takeover of the 51% stake in Daewoo Automobile Craiova by the Romanian state. The Ministry of Economy specified that the transaction involved taking over the 51 million-dollar majority stake and the receivables worth some 500 million dollars.