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Romania’s AVAS Extends Sale Offer For Aircraft Mkr Avioane Craiova

Romania’s privatization agency AVAS extended by 15 days, until September 29, the offer to sell its 80.9% majority stake in the country’s airplane maker Avioane Craiova, in a move to complete negotiations with Czech Aero Vodochody.
Romania’s AVAS Extends Sale Offer For Aircraft Mkr Avioane Craiova
14 sept. 2008, 16:40, English

AVAS said it plans to complete negotiations on the sale contract for its majority stake in Avioane Craiova as soon as possible.   

End-May, AVAS received three offers for the sale of the 80.9% stake from Czech AERO Vodochody, Italy’s Alenia Aeronautica and Bucharest-based INAV and selected AERO because it filed the best bid for the plant’s takeover.   

 AERO Vodochody submitted an improved bid of EUR16,327,431.45, of which, nearly EUR4,114,431.45 for the 80.9% stake, EUR8,883,000 for investments in the plant, EUR3,300,000 for the working capital, over the first six months upon the takeover, and EUR30,000 for environmental investments in the first year upon the takeover.   

Czech AERO Vodochody is the largest military training airplane maker worldwide, whose airplane production totals over 11,000 units.

Avioane Craiova was set up in 1972 and is the country’s sole military aircrafts maker.