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Ford To Return EUR27M State Aid For Automobile Craiova Privatization

U.S. automaker Ford Co. (F), owner of Romania’s auto assembly plant Automobile Craiova, will return Friday to Romania’s Privatization Authority AVAS an illegal EUR27 million state aid granted for Automobile Craiova privatization.
Ford To Return EUR27M State Aid For Automobile Craiova Privatization
27 iun. 2008, 08:40, English

"The money will enter AVAS account tomorrow," Ford Europe spokesperson, Hans Juergen Fuchs, said Thursday.

AVAS will send the European Commission information related to the state aid recovery the latest at the deadline on Saturday.

Ford closed last autumn the deal to buy a 72.4% stake in Romanian state-owned auto assembly plant Automobile Craiova for EUR57 million.

The deal has been delayed by a probe of the European Commission, which ordered the Romanian government to recover an illegal EUR27 million state aid from Automobile Craiova.

The commission accused Romania of underselling Craiova to Ford, but allowed the sale to go through provided the state aid is paid back.