Romania’s Automobile Privatization To Be Concluded Soon - Ford

U.S. giant Ford Motor Co said Tuesday as a reaction to the approval of the law over the privatization of Romania’s auto assembly plant Automobile Craiova that the privatization process will be concluded soon.

10 views

"With today's ratification, following the EC approval of February 27, 2008, we are fully prepared to complete all the remaining work and to become the new owners of the Craiova plant in the near future," Ford Europe president John Fleming said.

On Tuesday, the Romanian Chamber of Deputies ratified the law by which Ford buys 13,716,318 shares in Autmobile. The Chamber of Deputies makes the decisional forum in the privatization process.

In September last year, Ford agreed to pay EUR57 million for a 72.4% stake in the state-run Automobile Craiova and pledged to invest another EUR675 million to upgrade the plant.

If you liked this story, please follow MEDIAFAX.RO on FACEBOOK »

The content of mediafax.ro is for your information only. Republishing or using this content is forbidden without express consent of MEDIAFAX. For this consent, please ask for it by mail at vanzari@mediafax.ro.