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Romanian Govt Annuls Privatization Method Of Antibiotice

The Romanian Government has annulled on Wednesday the decision to privatize the country’s last remaining state-owned drug maker Antibiotice SA through open bid, the government said in a statement.
Romanian Govt Annuls Privatization Method Of Antibiotice
27 feb. 2008, 19:08, English

"Given the economic and social importance of the drug maker, the country’s privatization authority AVAS will revoke the privatization offer of Antibiotice Iasi in the shortest time possible", a government statement shows.

The government did not give details on how the privatization process would continue.

"The privatization process will continue through either open bid or through a different procedure", AVAS sources said.

The move comes shortly after the company’s unionists have repeatedly contested the method of privatizing the company through open auction.

Prior to the abrogation, AVAS had received 53 letter of interest from investors interested in buying a majority stake in the company.

Last week, the European Commission has warned the Romanian government in a letter that it might open an investigation over an alleged illegal state aid in the privatization process of Antibiotice.

On the Bucharest Stock Exchange Wednesday, Antibiotice shares closed at RON1.78, down 1.66% on the day.