State sells 72.4% stake in Daewoo Craiova

The Romanian state will sell the entire stake it holds in carmaker Daewoo Craiova, namely 72.4% of the companyes shares. The preliminary privatisation announcement will be made by, at the very latest, the first week in March, said the Finance Minister, Sebastian Vladescu. The Premier Calin Popescu-Tariceanu met on Friday, at Victoria Palace, with the representatives of Ford companyes management. He assured them that the privatisation of Daewoo Automobile Craiova was a priority for the Government and that the Executive intended the privatisation process to be both fast and transparent. Tariceanu also stated he had asked the privatisation commission of Daewoo Craiova to submit a weekly report regarding the evolution of the privatisation process. “The Finance Minister, Sebastian Vladescu, who attended the meeting, said the preliminary privatisation announcement would be made, at the very latest, by the first week in March. The privatisation commission decided to sell 72.4% of the companyes shares (namely the entire stake held by the state), according to the Finance Minister,” reads a press release issued by the Governmentes Press Office. The press release also confirms that Fordes representatives reiterated the companyes interest in participating in Daewooes privatisation process. Automobile Craiova, a state-owned company, purchased the shares held by the Korean company Daewoo Motor in the Daewoo Craiova car factory for a price of 60 million US dollars.