Korean Daewoo Motor and Daewoo Automobile Romania signed on Wednesday the last papers for the buyback of the Korean held shares by the Romanian side, a press release from the Economy Ministry informs.
The transaction allows interested parties to involve in the Romanian car production. Through this certificate, the Romanian company bought back 51% of the company shares and thus regulated the problem of past arrears.
Daewoo Automobile Romania was born in 1994, as a joint venture between the Daewoo group, represented by Daewoo Heavy Industry (51% of the shares) and the Romanian state, represented by Automobile Craiova (49% of the shares).
The Daewoo group was taken over by General Motors in 1999, but the Romanian facilities were not part of the deal. The transaction is estimated at 60 million dollars, which include the 10 million dollars debt towards companies within the Daewoo group. The factory in Craiova rose interest in several companies, including Ford, GM Daewoo Auto&Technology, Renault - Nissan, Cherry and Tata.
HotNews.ro, Nov 15, 2006
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