State offers 45m euros for Daewoo Craiova

The authorities have submitted a 45-million-euro bid for the acquisition of Daewoo Motor”s 51% stake in Daewoo Automobile Romania, the Economy and Trade Minister Codrut Seres said on Tuesday. “We asked them to give us an answer (on the bid) within about two weeks,” Seres said. Names mentioned in connection with the plant in Craiova include US giant General Motors and, more recently, Ford. The talks with potential investors in view of a takeover of Daewoo Automobile Craiova have not made much progress because the Romanian party has yet to settle the issue of the controlling interests in the plant. Daewoo Motor owns 51% in Daewoo Automobile Romania. The remaining 49% belongs to Automobile Craiova, in which the state owns 72.4%. The minister said the bid was made based on an assessment report by KPMG Germany, which both the Romanian and Korean party had agreed on. ZF